Taking Madoff Claims through the UK Courts

We helped vindicate the integrity of individuals accused of dishonesty by the liquidator of Bernie Madoff’s estate.

Challenge

In 2012 Asserson was instructed by three of the principal defendants in the UK part of a claim for some $59 billion brought by the liquidator of Bernie Madoff’s Estate. The liquidator had obtained a worldwide freezing injunction in respect of our clients’ assets, and made very serious allegations of dishonesty. The claim was pursued aggressively and relentlessly by a world-wide legal team which spent over $800m in legal costs. The client abandoned her City law firm in favour of Asserson following initial defeat in the Courts.

Inspiration

Over a period of two years Asserson developed and implemented an approach which picked apart the claims brought by the liquidator. During a six-week trial, listed by the Lawyer as one of the top 10 cases for 2013, Asserson presented evidence to the Court to show that the payments received by our clients were introductory commissions which were reasonable and which were transparent.

Result

Popplewell J of the Commercial Court found in favour of our clients, stating that the claim was “unfounded” and that our clients’ “honesty and integrity has been vindicated.” He added that “the resolute and temperate way they have conducted themselves in these proceedings does them great credit.” The Court then ordered the Liquidator to pay our clients’ costs on the penal indemnity basis.

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Dispute Resolution Client
Cannot recommend Asserson highly enough. Good, solid, practical advice and an extremely efficient service. I would not hesitate to use them again.
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We are delighted by the professionalism and support we received.
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A long and successful track record of acting in UK-based arbitration, offering a unique ability to service the jurisdiction while based in Israel.
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Arbitration Client
You have done an amazing job... I wish to thank each one of you for the professionalism, dedication, intensive work during nights and weekends and mostly for the pleasant and humble attitude.
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An excellent niche firm… particularly adept at helping clients with really significant commercial or regulatory problems.
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