Judge Rakoff is experienced, intelligent , hard-working and is not shy about making tough decisions. As you might know he has been assigned the Trustee's case against Fred Wilpon and Company. He is also the Judge assigned to the case against HSBC Bank, [one of a thousand cases filed by the Trustee] seeking damages for Madoff victims based on allegations that the banks should have observed "Red Flags" and then investigated accordingly.
Well bad news for the Trustee and "Madoff Victims " worldwide. Judge Rakoff just issued a decision dismissing the action brought against HSBC .... and as I understand it the decision could very well be a "death knell" to suits against banks worldwide as it relates to the 'Ponzi Scheme". Tough stuff, but I believe the right decision.
Oh well, the matter is sure to go up on appeal and take on a "life of it's own"!
Mr. Trustee, you can't win em all!
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