Irving Picard has recovered billions for victims of Ponzi fraudster Bernie Madoff, but he’s hit a wall in his efforts to claw back billions more in profits that Madoff customers earned from his scheme. Can Goldstein & Russell’s Thomas Goldstein succeed where Picard’s partners at Baker & Hostetler have failed?
Goldstein on Tuesday urged the U.S. Supreme Court to review a December ruling by the U.S. Court of Appeals for the Second Circuit, which affirmed a lower court decision blocking Picard’s clawback efforts. Picard, the court-appointed liquidation trustee for Madoff’s defunct investment firm, wants to recover nearly $2 billion in “fictitious” earnings by some of Madoff’s clients in the six years before his scheme crumbled.
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