Supreme Court Denies Certiorari in Madoff Case

On behalf of UniCredit S.p.A. and Pioneer Alternative Investment Ltd., Skadden again successfully defended against multibillion-dollar common law claims brought by the trustee for Bernard L. Madoff Investment Securities. On June 30, the U.S. Supreme Court denied certiorari in the case, leaving undisturbed a ruling by the U.S. Court of Appeals for the Second Circuit (in which Skadden prevailed) that the trustee lacks standing to pursue common law claims against third parties, including Skadden's clients.