The trustee overseeing recovery efforts on behalf of victims in the Bernard Madoff multi-billion dollar Ponzi scheme does not have standing to sue financial institutions for aiding and abetting the fraud, the U.S. Court of Appeals for the Second Circuit ruled.
The circuit rejected the appeal of Securities Investor Protection Act (SIPA) trustee Irving Picard from the dismissal of four cases by Judges Colleen McMahon (See Profile) and Jed Rakoff (See Profile) in 2011.
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