The Delaware Court of Chancery has blocked an attempt by the trustee for Bernie Madoff’s defunct investment vehicle to recover claims against a partner in a bankrupt Delaware limited partnership that invested nearly all of its capital in Madoff’s Ponzi scheme. The court dismissed the lawsuit, ruling that a defendant’s ownership interest in a Delaware limited partnership is not enough for it to have personal jurisdiction over the plaintiff’s claims, even under the state’s long-arm statute.
Vice Chancellor Sam Glasscock III issued the letter opinion on July 12 inPicard v. Wood , dismissing claims against defendant Charles O. Wood before attorneys for the plaintiff, Irving H. Picard, could begin jurisdictional discovery.
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