Judge Denies Madoff Trustee Recovery of Foreign Transfers

, New York Law Journal


Dealing a win to foreign banks and investment service providers, Southern District Judge Jed Rakoff held that the recovery provision of the Bankruptcy Code is subject to the same limits on the extraterritorial reach of U.S. laws that apply to securities transactions under 'Morrison v. National Australia Bank Ltd.'

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Continue to Lexis Advance®

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

What's being said

  • Ravi Batra

    Extra-territorial reach of US laws does violence to foreign sovereignty, thereby inviting foreign nations to engage in retaliatory reciprocity to reach conduct by and between Americans on American soil. That it does violence to the comity of nations is obvious, and as such, must be a deliberate act of our political branches of government: the executive and Congress. One such example of statutory extra-territoriality jurisdiction, albeit, limited to "individual," not entity, liability is the Torture Victims Protection Act.

    So, Judge Jed Rakoff is on rock solid ground, and has protected American sovereignty by doing so. (Also see, Kiobel II.)

    Dated: 7/7/14
    Ravi Batra

Comments are not moderated. To report offensive comments, click here.

Preparing comment abuse report for Article #1202662171402

Thank you!

This article's comments will be reviewed.