SIFMA Submits Amicus Brief to U.S. Court of Appeals in BLMIS Case

SIFMA submitted an amicus brief to the U.S. Court of Appeals regarding whether the safe harbor provision in Bankruptcy Code Section 546(e) ("Limitations on Avoiding Powers") is applicable to certain transfers made by Bernard L. Madoff Investment Securities ("BLMIS") to BLMIS customers. SIFMA argues that it is inequitable to allow certain payments to stand, as dictated by Section 546(e), which limits the bankruptcy trustee's powers to avoid transfers that are made as "settlement payments" or in connection with a "securities contract."

See: SIFMA Amicus Brief. Related news: Judge Enters Default Judgment against Bernie Madoff's Brother (October 16, 2013).