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Expert Analysis

Rakoff's Foreign Fund Clawback Ruling Has Limitations

Law360, New York ( July 24, 2014, 10:58 AM EDT) -- On July 6, 2014, Jed S. Rakoff, U.S. district judge for the Southern District of New York, declined to extend the reaches of Section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that were alleged to be fraudulently obtained from Bernard L. Madoff Investment Securities LLC in connection with Bernard Madoff's Ponzi scheme. Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC (In re Madoff Securities), No. 12-mc-115 (JSR) (SDNY Jul. 6, 2014)....

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