Koch Brothers Among Investors Who Can Keep Madoff Billions

November 22, 2016

Franklin Velie was quoted in the article, "Koch Brothers Among Investors Who Can Keep Madoff Billions," which was published by Bloomberg on November 22, 2016.

The article covered a decision by U.S. Bankruptcy Judge Stuart Bernstein on Monday, November 21, in which he ruled that Irving Picard, the Trustee for the bankrupt Bernard L. Madoff Investment Securities, may not “claw back” money paid out to foreign banks and other service providers from so-called offshore feeder funds. Mr. Velie led the S&W Team that represented the defendants in the lawsuits. He said, “Foreign banks and service providers were dragged into the bankruptcy in the U.S. and claims were made against them for vast sums. We are hopeful this is the end of the matter.”