IN RE BERNARD L. MADOFF INV. SECURITIES LLC

Nos. 12-2557-bk(L), 12-2497-bk(con), 12-2500-bk(con), 12-2616-bk(con), 12-3422-bk(con), 12-3440-bk(con), 12-3582-bk(con), 12-3585-bk(con).

773 F.3d 411 (2014)

In re BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Debtor. Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, Plaintiff-Appellant, Securities Investor Protection Corporation, Statutory Intervenor pursuant to Securities Investor Protection Act, 15 U.S.C. § 78eee(d), Intervenor-Appellant, v. Ida Fishman Revocable Trust, Paul S. Shurman, in his capacity as co-trustee of the Ida Fishman Revocable Trust, William Shurman, in his capacity as co-trustee of the Ida Fishman Revocable Trust and as Executor of the estate of Ida Fishman, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: December 8, 2014.


Attorney(s) appearing for the Case

David J. Sheehan ( Oren J. Warshavsky , Tracy L. Cole , Seanna R. Brown ; Howard L. Simon , Windels Marx Lane & Mittendorf LLP; Matthew B. Lunn , Young Conaway Stargatt & Taylor LLP, on the brief), Baker Hostetler LLP, New York, N.Y., for Plaintiff-Appellant Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC.

Josephine Wang , General Counsel ( Kevin H. Bell , Lauren T. Attard , on the brief), Securities Investor Protection Corporation, Washington, D.C., for Intervenor-Appellant Securities Investor Protection Corporation, Statutory Intervenor pursuant to Securities Investor Protection Act, 15 U.S.C. § 78eee(d).

Richard Levy, Jr. ( David C. Rose , on the brief), Pryor Cashman LLP, New York, N.Y., for Defendants-Appellees Kara Fishbein Goldman, Steven Goldman, et al.

P. Gregory Schwed ( Walter H. Curchack , Daniel B. Besikof , Michael Barnett , on the brief), Loeb & Loeb LLP, New York, N.Y., for Defendants-Appellees Jonathan M. Aufzien, Lisa Aufzien, et al.

Helen Davis Chaitman , Becker & Poliakoff, LLP, New York, N.Y., for Defendants-Appellees David Abel, James Greiff, et al.

Deborah A. Skakel , Shaya M. Berger , Dickstein Shapiro LLP, New York, N.Y., for Defendant-Appellee PetCareRx, Inc.

Carole Neville , Dentons U.S. LLP, New York, N.Y., for Defendants-Appellees Harold J. Hein, Kelman Partners Limited Partnership, et al.

Jennifer L. Young , Matthew A. Kupillas , Millberg LLP, New York, N.Y.; Parvin K. Aminolroaya , SeegerWeiss LLP, New York, N.Y., for Defendants-Appellees Gerald Blumenthal, Harold A. Thau, et al.

David Parker , Matthew J. Gold , Kleinberg, Kaplan, Wolff & Cohen, P.C., New York, N.Y., for Defendants-Appellees Kenneth Hubbard, Lawrence Elins, et al.

Parvin K. Aminolroaya , SeegerWeiss LLP, New York, N.Y. for Defendants-Appellees David J. Bershad, Bershad Investment Group LP, et al.

Richard A. Kirby , Laura L. Clinton , Martha Rodriguez-Lopez , K & L Gates LLP, Washington D.C., for Defendants-Appellees Chesed Congregations of America, Linda Berger, et al.

Philip Bentley , Elise S. Frejka , Kramer Levin Naftalis & Frankel LLP, New York, N.Y., for Defendants-Appellees 1096-1100 River Road Associates LLC, Fred A. Daibes LLC, et al.

Marcy Ressler Harris , Jennifer M. Opheim , Mark D. Richardson , Schulte Roth & Zabel LLP, New York, N.Y., for Defendants-Appellees Thomas H. Lee, HHI Investment Trust # 2, et al.

William P. Weintraub , Gregory W. Fox , Stutman, Treister & Glatt, PC, New York, N.Y., for Defendants-Appellees Jeffrey Hinte, Robert Nystrom, et al.

Paul Steven Singerman , Ilyse M. Homer , Isaac Marcushamer , Berger Singerman LLP, for Amicus Curiae National Association of Bankruptcy Trustees.

Philip D. Anker , Alan E. Schoenfeld , Wilmer Cutler Pickering Hale and Dorr LLP, New York, N.Y.; Craig Goldblatt , Danielle Spinelli , Shivaprasad Nagaraj , Allison Hester-Haddad , Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C., for Amicus Curiae Securities Industry and Financial Markets Association.

Thomas J. Moloney , David E. Brodsky , Lawrence B. Friedman , Carmine D. Boccuzzi, Jr. , Breon S. Peace , Charles J. Keeley , Shira A.B. Kaufman , Cleary Gottlieb Steen & Hamilton LLP, NewYork, N.Y., for Amici Curiae HSBC Bank PLC, HSBC Holdings plc, et al.

Marco E. Schnabl , Susan L. Saltzstein , Jeremy A. Berman , Skadden, Arps, Slate, Meagher & Flom LLP, New York, N.Y., for Amicus Curiae UniCredit S.p.A.

Franklin B. Velie , Jonathan G. Kortmansky , Mitchell C. Stein , Sullivan & Worcester LLP, New York, N.Y., for Amicus Curiae UniCredit Bank Austria AG.

Michael Feldberg , Allen & Overy LLP, for Amicus Curiae ABN Amro Bank N.V. (presently known as the Royal Bank of Scotland N.V.).

Joseph Cioffi , James R. Serritella , Davis & Gilbert LLP, New York, N.Y., for Amici Curiae Natixis S.A., Natixis Financial Products LLC, et al.

Fran M. Jacobs , Duane Morris LLP, for Amicus Curiae East Star SICAV.

Marshall R. King , Gibson, Dunn & Crutcher LLP, New York, N.Y., for Amici Curiae UBS AG and UBS (Luxembourg) S.A.

Marc J. Gottridge , Andrew M. Behrman , Hogan Lovells U.S. LLP, New York, N.Y., for Amici Curiae Barclays Bank (Suisse) S.A., Barclays Bank S.A., and Barclays Private Bank & Trust Limited.

Thomas B. Kinzler , Daniel Schimmel , Kelley Drye & Warren LLP, New York, N.Y., for Amici Curiae Caceis Bank France and Caceis Bank Luxembourg.

Jodi Kleinick , Barry Sher , Mor Wetzler , Paul Hastings LLP, for Amici Curiae FIM Limited and FIM Advisors LLP.

Eric Fishman , Kerry A. Brennan , Brandon Johnson , Pillsbury Winthrop Shaw Pittman LLP, New York, N.Y., for Amicus Curiae Falcon Private Bank Ltd.

Richard L. Spinogatti , Proskauer Rose LLP, New York, N.Y., for Amici Curiae Grosvenor Investment Management Ltd., Grosvenor Private Reserve Fund Limited, et al.

William J. Sushon , Shiva Eftekhari , O'Melveny & Myers LLP, New York, N.Y., for Amici Curiae Credit Suisse AG, Credit Suisse AG, Nassau Branch, et al.

David J. Onorato , Jessica R. Simonoff , Susan A. Higginsshra , Freshfields Bruckhaus Deringer U.S. LLP, New York, N.Y., for Amicus Curiae Tensyr Limited.

Brian H. Polovoy , Christopher R. Fenton , Andrew Z. Lipson , Shearman & Sterling LLP, for Amicus Curiae Nomura International PLC.

John Westerman , Mickee Hennessy , Westerman Ball Ederer Miller & Sharfstein, LLP, Uniondale, N.Y., for Amici Curiae DOS BFS Family Partnership II, L.P. and Donald and Bette Stein Family Trust.

Before: PARKER, LYNCH, and DRONEY, Circuit Judges.


Bernard L. Madoff orchestrated a massive Ponzi scheme through the investment advisory unit of Bernard L. Madoff Investment Securities LLC ("BLMIS"). After the scheme collapsed, Irving H. Picard (the "Trustee") was appointed trustee for BLMIS pursuant to the Securities Investor Protection Act, 15 U.S.C. §...

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