Excerpt:
Baker Hostetler has represented the William Jefferson Clinton Presidential Foundation's HIV/AIDS Initiative since 2003.[7]
Major League Baseball has been a longstanding client of Baker Hostetler.[8] Other notable clients of Baker Hostetler are ABC, Inc., Airbus S.A.S., Bayer, Cardinal Health, Inc., CNL, Colgate-Palmolive Co.; Corning, EDS, ExxonMobil, Thermo Fisher Scientific, Ford, Gruner + Jahr, HCA, Hyatt, IBM, KeyCorp, KLM, Microsoft Corp., Morgan Stanley, Schlumberger, Sprint Nextel, State Farm, The E.W. Scripps Co., Progressive Corp., Trammell Crow Co., Verizon and Wachovia.
http://en.wikipedia.org/wiki/Irving_Picard
Excerpt:
Irving H. Picard is a partner in the law firm Baker Hostetler. He graduated from the Wharton School, University of Pennsylvania, with a B.S. degree (1963), from Boston University School of Law with a J.D. degree (1966), and from the New York University School of Law with an LL.M. degree in 1967, and was admitted to the New York Bar in 1982.[1] In 2008, U.S. District Judge Lawrence McKenna appointed Picard trustee of assets seized by the court from Bernard Madoff. Since then, he has been centrally involved in the recovery of funds from the Madoff investment scandal.[2]
http://news.yahoo.com/s/nm/20110624/bs_nm/us_jpmorgan
Excerpt:
Madoff trustee seeks $19 billion from JPMorgan
NEW YORK (Reuters) – The trustee seeking money for Bernard Madoff's victims is now seeking $19 billion from JPMorgan Chase & Co, tripling the amount he hopes to recover from what was once the imprisoned Ponzi schemer's main bank.
The amended complaint was filed by the trustee Irving Picard just three days after the second-largest U.S. bank agreed to pay $153.6 million to settle U.S. Securities and Exchange Commission fraud charges.
Picard previously sought to recover $6.4 billion from JPMorgan, including $1 billion representing fraudulent transfers and claims, and $5.4 billion of damages.
"JPMorgan Chase's bankers literally watched the fraud unfold before their very eyes," Deborah Renner, a lawyer representing Picard, said in a statement.
Tasha Pelio, a JPMorgan spokeswoman, repeated in an email the bank's earlier statement that Picard's lawsuit is meritless and distorts the facts and law.
"JPMorgan did not know about or in any way become a party to the fraud orchestrated by Bernard Madoff," she added.
Picard said the complaint includes additional allegations, including that two former employees of an unnamed financial institution had seen in 1997 "nearly daily circular transactions" between accounts at their employer and at Chase. That employer then closed its account for Madoff, Picard said.
The amended complaint also includes a demand that the case be heard before a jury.
In a complaint made public in February, Picard accused JPMorgan of being "thoroughly complicit" in Madoff's fraud and ignoring red flags.
Madoff, 73, was arrested on December 11, 2008, and after pleading guilty is serving a 150-year prison sentence.
Picard has filed roughly 1,050 lawsuits seeking more than $100 billion for former Madoff investors.
JPMorgan now has until August 1 to respond to the amended complaint, Picard said.
JPMorgan shares fell 19 cents in after-hours trading, after closing Friday's session down 58 cents at $39.49. Picard disclosed the amended complaint after U.S. markets closed.
The cases are Picard v. JPMorgan Chase & Co et al, U.S. Bankruptcy Court, Southern District of New York, No. 10-ap-04932; and Picard v. JPMorgan Chase & Co et al, U.S. District Court, Southern District of New York, No. 11-00913.
(Reporting by Jonathan Stempel in New York and Jochelle Mendonca in Bangalore; editing by Andre Grenon)
http://www.reuters.com/article/2011/06/03/madoff-probe-idUSN0318200920110603
Excerpt:
* House reps seek GAO probe into trustee's methods, fees* SEC, SIPC role in Madoff firm liquidation also at issue
* Reps says taking long time for Madoff victims to recover
By Jonathan Stempel
NEW YORK, June 3 (Reuters) - The chairman of a House capital markets subcommittee called for a comprehensive probe into whether the liquidation of Bernard Madoff's investment firm treats Ponzi scheme victims fairly and costs too much.
Scott Garrett (R-N.J.) and three other representatives called on the Government Accountability Office to examine the work of Irving Picard, the court-appointed trustee seeking money for former investors in Bernard L. Madoff Investment Securities LLC.
Garrett, who chairs the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, wants an examination on whether Picard and his law firm Baker & Hostetler are overcharging for their work, and on the trustee's "net equity method" to distribute funds.
A federal appeals court in New York is expected to rule on the distribution issue.
Garrett also asked the GAO to examine the U.S. Securities and Exchange Commission's role in the process, and the Securities Investor Protection Corp's oversight. Madoff's estimated $65 billion fraud was uncovered on Dec. 11, 2008.
The amended complaint was filed by the trustee Irving Picard just three days after the second-largest U.S. bank agreed to pay $153.6 million to settle U.S. Securities and Exchange Commission fraud charges.
Picard previously sought to recover $6.4 billion from JPMorgan, including $1 billion representing fraudulent transfers and claims, and $5.4 billion of damages.
"JPMorgan Chase's bankers literally watched the fraud unfold before their very eyes," Deborah Renner, a lawyer representing Picard, said in a statement.
Tasha Pelio, a JPMorgan spokeswoman, repeated in an email the bank's earlier statement that Picard's lawsuit is meritless and distorts the facts and law.
"JPMorgan did not know about or in any way become a party to the fraud orchestrated by Bernard Madoff," she added.
Picard said the complaint includes additional allegations, including that two former employees of an unnamed financial institution had seen in 1997 "nearly daily circular transactions" between accounts at their employer and at Chase. That employer then closed its account for Madoff, Picard said.
The amended complaint also includes a demand that the case be heard before a jury.
In a complaint made public in February, Picard accused JPMorgan of being "thoroughly complicit" in Madoff's fraud and ignoring red flags.
Madoff, 73, was arrested on December 11, 2008, and after pleading guilty is serving a 150-year prison sentence.
Picard has filed roughly 1,050 lawsuits seeking more than $100 billion for former Madoff investors.
JPMorgan now has until August 1 to respond to the amended complaint, Picard said.
JPMorgan shares fell 19 cents in after-hours trading, after closing Friday's session down 58 cents at $39.49. Picard disclosed the amended complaint after U.S. markets closed.
The cases are Picard v. JPMorgan Chase & Co et al, U.S. Bankruptcy Court, Southern District of New York, No. 10-ap-04932; and Picard v. JPMorgan Chase & Co et al, U.S. District Court, Southern District of New York, No. 11-00913.
(Reporting by Jonathan Stempel in New York and Jochelle Mendonca in Bangalore; editing by Andre Grenon)
http://www.reuters.com/article/2011/06/03/madoff-probe-idUSN0318200920110603
Excerpt:
Madoff trustee, SEC should be probed -US reps
* Reps says taking long time for Madoff victims to recover
By Jonathan Stempel
NEW YORK, June 3 (Reuters) - The chairman of a House capital markets subcommittee called for a comprehensive probe into whether the liquidation of Bernard Madoff's investment firm treats Ponzi scheme victims fairly and costs too much.
Scott Garrett (R-N.J.) and three other representatives called on the Government Accountability Office to examine the work of Irving Picard, the court-appointed trustee seeking money for former investors in Bernard L. Madoff Investment Securities LLC.
Garrett, who chairs the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, wants an examination on whether Picard and his law firm Baker & Hostetler are overcharging for their work, and on the trustee's "net equity method" to distribute funds.
A federal appeals court in New York is expected to rule on the distribution issue.
Garrett also asked the GAO to examine the U.S. Securities and Exchange Commission's role in the process, and the Securities Investor Protection Corp's oversight. Madoff's estimated $65 billion fraud was uncovered on Dec. 11, 2008.
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