Implications of 2nd Circ.'s Madoff Foreign Clawback Opinion

Partner Ron Meisler, counsel Carl Tullson and associate Matthew Beebe review the Second Circuit's recent decision vacating the bankruptcy court’s dismissal of avoidance actions brought by the trustee for the liquidation of Bernard L. Madoff Investment Securities LLC. The opinion provides guidance for analyzing whether extraterritorial application of the Bankruptcy Code is needed to unwind and recover a fraudulent transfer.