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DIRECTORS: Beggering belief

07 February 2014  

Maxine Cupitt, Simon Garrett and Barney Hearnden examine the lessons to be learned from Madoff

In the recent decision of Madoff Securities International Ltd (In Liquidation) v Raven [2013], the Commercial Court dismissed multimillion pound claims brought against five former directors of Madoff Securities International Ltd for breach of directors’ duties relating to payments made to, or for the benefit of, Bernard Madoff, its major shareholder and CEO. Now known to be the most spectacular fraudster of our times, Madoff was at the time of the transactions ‘a titan of Wall Street’ in terms of wealth, reputation and respectability.

Additional Info

  • Case(s) Referenced:

    Madoff Securities International Ltd (In Liquidation) v Raven & ors [2013] EWHC 3147