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High Court Seeks U.S. Input on $3 Billion Bid by Madoff Trustee

Dec. 9, 2019, 2:34 PM

The U.S. Supreme Court asked the Trump administration for advice on an effort by the liquidator of Bernard Madoff’s firm to recoup $3 billion that was transferred overseas.

The justices are considering whether to hear an appeal by investors who say trustee Irving Picard is impermissibly trying to apply U.S. bankruptcy law to foreign transactions. A federal appeals court let Picard sue the investors.

The case affects foreign customers of Fairfield Greenwich Group and other offshore feeder funds that channeled investors’ money to Bernard L. Madoff Investment Securities LLC. The investors include Koch Industries, whose chairman and chief ...