Shockwaves from a global scandal: The Madoff recovery effort and the legal economic landscape
Westlaw Journal 05/13/19 Mark Kornfeld, Nicholas D'Amico, Jessica Vander Velde
Below is an excerpt:
Bernard Madoff’s Ponzi scheme, which is now more than a decade old, was a financial tsunami, inflicting global devastation the likes of which has arguably never been seen before.1 What emerged from the wreckage was an extraordinary legal and equitable recovery initiative the likes of which has also arguably never been seen before — and which, by any objective measure, has been the most successful and powerful recovery in the history of jurisprudence.
Since its inception, the Madoff case has often read like a first-year law school examination with a maze of challenging legal issues, often concerning matters of first impression. The breadth of litigation spans across a wide spectrum of interconnected disciplines, including appellate, bankruptcy, criminal, regulatory and securities. As the case enters its 11th year, three recent developments make it clear that the recovery efforts are not slowing down anytime soon. In fact, incredible as it may seem, dozens of cases are just getting started.
Originally published in Westlaw Journal Bank & Lender Liability, May 13, 2019