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Ponzi Scheme Collusion

Securities Investor Protection Corporation v. Bernard L. Madoff Investment Securities LLC 08-01789 (S.D.N.Y.) Manhattan

Summary:

Original proceeding against Bernard Madoff initiated shortly after his arrest, the case was filed by the Securities Investor Protection Corporation claiming that Madoff's investment company would not be able to meet obligations to securities customers as they came due and that as a result, the customers need the protection afforded by the Securities Investor Protection Act. On the same day the court granted SIPC's request to move the proceeding to bankruptcy court. See Picard v. JPMorgan Chase & Co., et al., Adv. Pro. No. 10-4932.

Status:

As of February 2010 JPMorgan has moved to withdraw the reference, i.e. have the action returned to federal district court. On March 30, both Trustee Picard and the SIPC filed briefs opposing the motion. Oral argument is set for 29 April 2011.

News:

  1. http://www.law.com/jsp/nylj/CaseDecisionNY.jsp?id=1202495161447&pStyle=decision&src=EMC-Email&et=editorial&bu=New%20York%20Law%20Journal%20&pt=New%20York%20Law%20Journal%20Legal%20Alert&cn=legal%20alert%2005%2F26%2F11&kw=Securities%20Investor%20Protection%20Corp.%20v.%20Bernard%20L.%20Madoff%20Investment%20Securities%20LLC%2C%2011%20Civ.%200913%20C&slreturn=1&hbxlogin=1
  2. http://www.bloomberg.com/news/2011-03-31/madoff-trustee-picard-says-jpmorgan-shouldn-t-escape-bankruptcy-court.html

Documents:

  1. http://jpmorgan-watch.com/files/42_trustee_brief_in_opposition_to_jpmorgan_motion_to_withdraw_reference.pdf
  2. http://jpmorgan-watch.com/files/41_jpmorgan_brief_in_support_of_motion_to_withdraw_reference.pdf