HSBC Holdings PLC, et al. v. Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC

Court:

U.S. Supreme Court

(petition for writ of cert.)

Amicus Issue:

Whether (i) the avoidance/recovery provisions of the Bankruptcy Code permit a debtor to clawback transfers made from a foreign fund to foreign investors, or whether such claims are barred by the presumption of extraterritoriality, and (ii) the doctrine of international comity warrants the dismissal of the Trustee’s claims because of the conflict those claims pose with the liquidation proceedings of the feeder funds, which are pending in the BVI, the Cayman Islands, and other offshore jurisdictions.

Counsel of Record:

Walden Macht & Haran LLP

Jeffrey A. Udell

George W. Kroup

Devon Little

Richard A. Fox

Other Amici:

U.S. Chamber of Commerce

Institute of International Bankers