Cleary Gottlieb Team Named Litigator of the Week Finalists for Representing Defendants in Madoff-Related Litigation

Cleary Gottlieb partners Jeffrey Rosenthal, Nowell Bamberger, and Carmine Boccuzzi led a team that was selected as “Litigator of the Week” finalists by The American Lawyer’s Litigation Daily.

The team was recognized for representing about 300 defendants facing $6 billion in clawback claims from the largest group of feeder funds that invested in Bernie Madoff’s Ponzi scheme. The appellate court held that all of the claims brought by liquidators of the British Virgin Islands-based Fairfield funds should have been dismissed under the safe harbor for securities transactions under § 546(e) of the Bankruptcy Code. The ruling importantly reversed the bankruptcy court on claims brought under foreign law, finding that the safe harbor applies extraterritorially.

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