Picard v. Fairfield Greenwich Ltd., No. 13-1289 (2d Cir. 2014)Annotate this Case
The Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and the bankruptcy estate of Bernard L. Madoff, initiated adversary proceedings seeking to block the settlement of three lawsuits, none of which involved BLMIS or the Madoff estate as a party. The Trustee argued that the settlements in these cases would hinder his ability to recoup fraudulent transfers he alleged BLMIS made to the settling defendants. The court affirmed the district court's dismissal of the Trustee's claims because the Trustee was not entitled to declaratory and injunctive relief and the district court did not abuse its discretion in denying his requests for injunctive relief.