Richard Levy, Jr., co-chair of Pryor Cashman’s Bankruptcy and Creditors’ Rights Practice Group, was quoted in the Law360 article, “Madoff Trustee Urges High Court to Hear $2B Clawback Suit.” SIPA trustee Irving Picard and the Securities Investor Protection Corp. previously asked the Supreme Court to review a decision of the U.S. Court of Appeals for the Second Circuit that limited Picard’s avoidance remedies. Picard filed a reply brief in response to a brief by Madoff customers who are the targets of the dismissed avoidance claims, who argued that the Second Circuit correctly applied the plain language of the statute to limit the SIPA trustee’s claims. Picard argues that the Securities Investor Protection Act and U.S. Bankruptcy Code give him the authority to restore the money to the estate and distribute it ratably among the insolvent entity’s customers. Levy is listed as one of the lead counsel for the customers who received payments from Madoff, but who were not alleged by the SIPA trustee to have had any knowledge of the fraud.

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