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.
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.
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.
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.