Second Circuit Affirms Dismissal of Madoff-Related Claims Against UniCredit

Skadden earned an appellate victory for UniCredit S.p.A. before the U.S. Court of Appeals for the Second Circuit, which affirmed a district court dismissal of common law claims brought against our client by Irving Picard, the trustee for the Securities Investor Protection Act liquidation of Bernard L. Madoff Investment Securities LLC. On June 20, the Second Circuit agreed with the lower court's decision that Picard did not have the power to assert common law claims.