Madoff trustee lawsuits against Koch, others are dismissed

Discussion in 'Wall St. News' started by dealmaker, Nov 22, 2016.

  1. dealmaker

    dealmaker

    By Jonathan Stempel

    NEW YORK (Reuters) - A federal bankruptcy judge on Tuesday dismissed lawsuits by the trustee liquidating Bernard Madoff's firm to recoup funds from Koch Industries Inc, the company controlled by billionaire brothers Charles and David Koch, and dozens of other defendants.

    U.S. Bankruptcy Judge Stuart Bernstein in Manhattan said defendants in most of the 88 lawsuits could keep money that Irving Picard, who is liquidating Bernard L. Madoff Investment Securities LLC, traced to the swindler but was sent outside the United States.

    Picard had sought to recover hundreds of millions of dollars from foreign entities that had received Madoff-linked money from other foreign transferees, including "feeder funds" operated by Fairfield Greenwich Group and Tremont Group Holdings, as well as the Kingate feeder funds.

    http://finance.yahoo.com/news/madoff-trustee-lawsuits-against-koch-175640988.html