Partner Richard Levy, Jr. Authors Article About Supreme Court Preserving Decision to Limit Bankruptcy Trustees’ Powers to Avoid Securities-Related Transfers
Partner Richard Levy, Jr. authored the Westlaw Journal White-Collar Crime article entitled, “Supreme Court Preserves Decision Limiting Bankruptcy Trustees’ Powers To Avoid Securities-Related Transfers.” The article appeared in the September 2015 edition of the Westlaw Journal White-Collar Crime Journal.
On June 22, 2015, the Supreme Court summarily declined to review the unanimous decision of a panel of the U.S. Court of Appeals for the Second Circuit in the Madoff Securities liquidation proceeding, issued in December 2014, which significantly limited the scope of a trustee’s clawback remedies. The case is Picard v. Ida Fishman Revocable Trust (In re Bernard L. Madoff Inv. Secs. LLP), No. 12-2557, 2014 U.S. App. Lexis 23032 (2d Cir. Dec. 8, 2014), cert. denied, Nos. 14-1128 and 14-1129, 2015 U.S. LEXIS 4229 and 2015 U.S. LEXIS 4232 (U.S. June 22, 2015). Richard Levy, Jr., co-chair of Pryor Cashman’s Bankruptcy, Reorganization & Creditors’ Rights Group, argued the appeal in the Second Circuit on behalf of former customers of Madoff Securities, and was counsel of record for the customers in the Supreme Court proceeding.
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