(United States moment Circuit) - Held that a bankruptcy trustee may attempt to obtain property that Bernard Madoff's investment firm transferred to foreign entities that subsequently transferred it to other foreign entities. The transferees contended that the Bankruptcy Code's provisions did not extend extraterritorially in this manner. Disagreeing, the moment Circuit held that neither the presumption against extraterritoriality nor international comity principles barred the trustee from recovering in these consolidated actions. The panel vacated the bankruptcy court judgments and remanded.
Source: findlaw.com