Border Wall Won’t Block International Reach of Bankruptcy Avoidance Powers | The Legal Intelligencer – Law.com

House of Cards
Kenneth A. Listwak, left, and Francis J. Lawall, right, of Pepper Hamilton. Bernie Madoff’s Ponzi scheme and its unraveling is arguably one of the greatest personal tragedies in the history of American financial markets—lives were ruined as Madoff lost his investors roughly $18 billion, according to estimates from the Securities Investor Protection Corp. The fallout from Madoff’s scheme, however, has led to many interesting legal developments. For example, earlier this year—over a decade after Madoff’s arrest—the U.S. Court of Appeals for the Second Circuit ruled on yet another controversy arising from the collapse of Madoff’s house of cards. .


The ruling in In re Picard,  2019 U.S. App. LEXIS 5411 (2d Cir. Feb. 25, 2019), considered the reach of the Bankruptcy Code’s fraudulent transfer mechanism and whether a trustee could properly claw back funds from foreign transferees into a U.S. .

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