Law360 article on SCOTUS Request for DOJ Opinion on SIPA Trustee's Petition for Writ of Certiorari names BakerHostetler attorneys

News / January 13, 2014

On January 13, 2014, a Law360 article, bylined by Stephanie Russell-Kraft and entitled "High Court Wants DOJ Opinion On Madoff Trustee Suit," reported on the work of BakerHostetler Partners David J. Sheehan, David B. Rivkin Jr., Oren J. Warshavsky, Lee A. Casey, and Mark W. DeLaquil, and Associates Seanna Brown and Andrew Grossman, as well as SIPA Trustee and BakerHostetler Partner Irving H. Picard.

"The Supreme Court on Monday asked the Department of Justice to weigh in on whether the liquidation trustee for Bernard Madoff's investment group can pursue cases seeking billions of dollars in damages from JPMorgan Chase & Co. and other banks he alleges facilitated Madoff's Ponzi scheme," wrote Ms. Russell-Kraft. The article references the basis for the petition, stating, "Picard, Securities Investor Protection Act trustee for Bernard L. Madoff Investment Securities LLC, claims SIPA trustees can legally pursue compensation from third parties collaborating with a broker to defraud their customers because SIPA's right to subrogation isn't limited to customers' SIPA claims against a failed brokerage's estate, according to his petition for writ of certiorari."  The case is Picard v. JPMorgan Chase & Co. et al., case number 13-448, in the U.S. Supreme Court

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