Law360, New York ( July 6, 2015, 10:14 AM EDT) -- On June 22, 2015, the U.S. Supreme Court denied the two petitions for certiorari filed by Irving H. Picard — the trustee for the estate of Bernard L. Madoff Investment Securities (Madoff Securities) — and the Securities Investor Protection Corp. The trustee and SIPC sought review of a Second Circuit decision issued earlier this year that held that Bankruptcy Code Section 546(e) effectively bars the trustee's attempts to recover innocent customer withdrawals from Madoff Securities made more than two years before Madoff Securities' liquidation.[1] The trustee has stated that the application of Section 546(e) will prevent him from recovering more than $4 billion from innocent Madoff customers (i.e., investors with no knowledge of Madoff's fraudulent scheme)....
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