Big banks win out over Madoff victims

The bankruptcy trustee serving in the Bernard L. Madoff Investment Securities LLC bankruptcy case has actively pursued all courses of action available to him to try to retrieve as much money for the victims of Madoff’s Ponzi scheme. This included filing actions within the bankruptcy to sue several large banks and financial institutions for billions of dollars alleging they were complicit in the Ponzi scheme. Unfortunately, the bankruptcy court disagrees with the trustee and found that he has no standing to bring the actions.

For more details why the court ruled this way read, “Madoff victims can’t sue big banks, court rules.”

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