It was expected to be one of the biggest cases of the year. The hunt for Bernie Madoff’s missing millions traveled from New York to London where the directors of Madoff Securities International (MSI) were subjected to breach of directors’ duties claims in the High Court.
There were 11 defendants named by the claimant Grant Thornton. They include Madoff’s sons Mark, who killed himself in 2010, and Andrew, who has cancer. Also named as a defendant was the founder of Medici Bank, Sonja Kohn, labelled by the New York lawyer and BakerHostetler litigation partner Irving Picard (who is tracing those missing millions) as Madoff’s ‘criminal soulmate’.
Last week, in what is one of the most outspoken judgments of the year, Mr Justice Popplewell rounded on the claimants and threw out the claims in their entirety. It was a case that verged on public humiliation and one that was without foundation, the judge ruled.
Now that the defendants have been exonerated, the fight for costs must be a priority for their legal teams.
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- In Singapore, Clifford Chance has come under fire after the domestic government criticised the firm for misleading clients over its operations in the city-state
- And in London, litigation funder Vannin Capital has stepped up to fund a High Court battle between the owner of the largest oil and gas project in Azerbaijan and Credit Suisse International (CSI)