On Monday, Walden Macht & Haran LLP filed an amicus brief in the Supreme Court on behalf of the Securities Industry and Financial Markets Association (SIFMA), the US Chamber of Commerce and the Institute of International Bankers (IIB) in HSBC Holdings plc, et al. v. Picard, No. 19-277.

The brief supports a petition for certiorari filed by a number of financial institutions who seek to appeal an adverse decision of the Second Circuit in favor of Irving Picard, the trustee for Bernard Madoff Investment Securities LLC.  The brief urges the Supreme Court to review whether a bankruptcy trustee may use the Bankruptcy Code to claw back property from foreign subsequent transferees who engaged in purely foreign transactions, or whether such claims are barred by the presumption against extraterritoriality and comity considerations.

Counsel of Record: Jeffrey A. Udell, George W. Kroup, Devon Little, Richard Fox

The brief is available for download through SIFMA’s website here.