February 29, 2020
By: Shane G. Ramsey and John T. Baxter
The U.S. Court of Appeals for the First Circuit issued an opinion on October 9, 2019, in In re TelexFree LLC that cites the holdings of the Second Circuit in two Madoff Ponzi scheme cases, implicating significant consequences for Ponzi scheme litigation in bankruptcy courts across the nation.
The Madoff Cases
Prior to discussing the TelexFree opinion, a general overview of the cited Madoff cases is instructive. While there have been numerous published opinions arising from the infamous Ponzi scheme perpetrated by Bernard L. Madoff Investment Securities LLC (BLMIS), two such opinions are implicated by the TelexFree case: Marshall v. Picard (In re Bernard L. Madoff Inv. Sec. LLC) (Madoff II) and Picard v. Fairfield Greenwich Ltd. (Madoff III).
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