Will the Madoff saga ever die? In the sprawling litigation to recover money
related to Bernard Madoff's fraud, a federal judge said he would decide whether
a 2011 U.S. Supreme Court ruling prevents a bankruptcy court from resolving
hundreds of lawsuits brought by the Madoff firm's trustee. Reuters writes.
Defendants in those cases have sought to transfer their
cases to district court from bankruptcy court, citing the U.S. Supreme Court
decision involving the estate of former Playboy model Anna Nicole Smith that
limited the power of bankruptcy judges to review claims.
In an order published Friday, U.S. District Judge Jed Rakoff
said he will review how that decision affects cases brought by the trustee,
Irving Picard, against people he believes benefited improperly from Madoff's
fraud. Rakoff consolidated 341 cases in
his order and gave the defendants until June 11 to appoint lead counsel to
argue on their behalf. He scheduled oral argument for June 18…
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