High Court Seeks U.S. Input on $3 Billion Bid by Madoff Trustee
- Overseas feeder-fund investors seeking Supreme Court review
- Appeal says Picard improperly stretching bankruptcy law abroad
Irving Picard,speaks at a news conference in New York on Dec. 17, 2010.
Photographer: Ramin TalaieThis article is for subscribers only.
The U.S. Supreme Court asked the Trump administration for advice on an effort by the liquidator of Bernard Madoff’s firm to recoup $3 billion that was transferred overseas.
The justices are considering whether to hear an appeal by investors who say trustee Irving Picard is impermissibly trying to apply U.S. bankruptcy law to foreign transactions. A federal appeals court let Picard sue the investors.