A January 5 Law360 article, "Madoff Feeder Fund Investors Can't Recoup Cash: Judge," detailed a New York Federal judge's ruling earlier this week that affirmed a previous ruling by a U.S. Bankruptcy Court judge regarding the status of investors in the feeder funds that helped fuel Bernard Madoff's massive Ponzi scheme. Both judges have now ruled that investors in feeder funds were not direct customers of BLMIS and are therefore not entitled to money earmarked for BLMIS customers with valid claims.
According to the article, this was a major win for SIPA Trustee Irving H. Picard, and his Counsel at Baker Hostetler "who had been fighting a bid by more than 1,700 investors in 16 feeder funds to get their hands on the money recovered for Madoff's direct customers."
The article also named Baker Hostetler Partner David J. Sheehan, lead counsel to the SIPA Trustee for the global representation for the liquidation of Bernard L. Madoff Investment Securities LLC, as well as Partners Tom Warren, Brian Bash, Counsel Wendy Gibson and Associates Seanna Brown and Jacqlyn Rovine.