Transfers made abroad between a foreign transferor and a foreign transferee cannot be recovered by the trustee administering the estate of Bernard L. Madoff Investment Securities, a federal judge has ruled.
Dealing a win to foreign banks and investment service providers, Southern District Judge Jed Rakoff (See Profile) held that the recovery provision of the Bankruptcy Code, §550(a)(2), is subject to the same limits on the extraterritorial reach of U.S. laws that apply to securities transactions and other federal laws under Morrison v. Nat’l Australia Bank Ltd., 130 S.Ct. 2869 (2010).
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