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773 F.3d 411 *; 2014 U.S. App. LEXIS 23032 **; 72 Collier Bankr. Cas. 2d (MB) 1295; Bankr. L. Rep. (CCH) P82,737; 60 Bankr. Ct. Dec. 106
IN RE: BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Debtor.IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, Plaintiff-Appellant, SECURITIES INVESTOR PROTECTION CORPORATION, Statutory Intervenor pursuant to Securities Investor Protection Act, 15 U.S.C. § 78eee(d), Intervenor-Appellant, v. IDA FISHMAN REVOCABLE TRUST, PAUL S. SHURMAN, in his capacity as co-trustee of the Ida Fishman Revocable Trust, WILLIAM SHURMAN, in his capacity as co-trustee of the Ida Fishman Revocable Trust and as Executor of the estate of Ida Fishman, Defendants-Appellees.
Subsequent History: As Amended January 14, 2015.
Motion granted by, US Supreme Court certiorari denied by Picard v. Ida Fishman Revocable Trust, 2015 U.S. LEXIS 4229 (U.S., June 22, 2015)
US Supreme Court certiorari denied by, Motion granted by Sec. Investor Prot. Corp. v. Ida Fishman Revocable Trust, 2015 U.S. LEXIS 4232 (U.S., June 22, 2015)
Prior History: Sec. Investor Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC (In re Madoff Sec.), 476 B.R. 715, 2012 U.S. Dist. LEXIS 70109 (S.D.N.Y., 2012)
Disposition: Appeal from the United States District Court for the Southern District of New York. Nos. 11-bk-7603, 12-mc-0115 — Jed S. Rakoff, Judge.
Appeal from judgments of the United States District Court for the Southern District of New York (Rakoff, J.). Irving H. Picard, as trustee for debtor Bernard L. Madoff Securities LLC, sued to avoid fictitious profits paid by the debtor to hundreds of customers over the life of the Ponzi scheme operated by Madoff. The defendant customers moved to dismiss certain of these avoidance claims pursuant to 11 U.S.C. § 546(e), which shields from recovery securities-related payments made by a stockbroker. The district court agreed that § 546(e) barred the claims, dismissed them, and certified the dismissal as a final judgment. The trustee appealed.
customers, transfers, Documents, clawback, security transaction, settlement payment, district court, contract of purchase, stockbroker, contracts, withdraw, trading, fraudulent, settlement, argues, master agreement, fictitious, invoking, transactions, contends, shielded, profits, broker, securities-related, obligate, promised, assent, funds, terms, claw
Bankruptcy Law, Bankruptcy, Liquidations, Clearing Banks, Commodity Brokers & Stockbrokers, Securities Law, Investment Advisers, Adviser, Broker & Dealer Liability, General Overview, Estate Property, Avoidance, Limitations on Trustee Powers, Civil Procedure, Defenses, Demurrers & Objections, Motions to Dismiss, Failure to State Claim, Appeals, Standards of Review, Fraudulent Transfers, Constructively Fraudulent Transfers, Prepetition Transfers, Voidable Transfers, Unsecured Creditors, Business & Corporate Compliance, Contracts Law, Standards of Performance, Creditors & Debtors, Real Property Law, Purchase & Sale, Fraudulent Transfers, Governments, Legislation, Statute of Limitations, Time Limitations, Postoffering & Secondary Distributions, Contract Formation, Consideration, Mutual Obligations, Contracts Law, Breach, Securities Exchange Act of 1934 Actions, Investment Schemes, Ponzi Schemes