Irving H. Picard (born June 26, 1941)  is a partner in the law firm BakerHostetler. He is known for his recovery of funds from the Madoff investment scandal from investors, Bernie Madoff and his family, and their spouses and estates. Early life [ edit] Picard was born in Fall River, Massachusetts, and is Jewish.
September 24, 2020. NEW YORK (AP) — Investors who profited from Bernard Madoff’s massive Ponzi scheme even though they knew nothing of it must still pay back their profits, an appeals court decided Thursday. The 2nd U.S. Circuit Court of Appeals in Manhattan upheld lower-court decisions in cases filed by Irving Picard, a court-appointed trustee who has recovered money for cheated investors for over a decade.
Partner Irving Picard, the court-appointed trustee under the Securities Investor Protection Act (SIPA) for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), is quoted in two articles published by Bloomberg News Service in connection with the 10th anniversary of the unmasking of Madoff’s $19 billion Ponzi scheme. The articles detail the recovery of more than $13 billion by Picard and his team.
On May 1, 2009, Irving Picard filed a lawsuit against Stanley Chais, 82. The complaint alleged Chais "knew or should have known" he was deep in a Ponzi scheme when his family investments with Madoff averaged 40% annual returns on investment and sometimes soared as high as 300%. It also claimed Chais was a primary beneficiary of the scheme for at least 30 years, allowing his family to withdraw more than $1 billion from their accounts since 1995 – money that belonged to Madoff victims.
Irving Picard and David Sheehan, the lawyers who've been overseeing the liquidation of the firm, have recovered more than $13 billion of that money so far - more than two-thirds. And they have a...
Meet Irving Picard, the lawyer with the toughest task in the world The Madoff liquidation trustee is dealing with thousands of investor compensation claims and tackling some of the world's biggest banks
The U.S. District Court for the Southern District of New York appoints Irving H. Picard as SIPA Trustee for the liquidation of the Bernard L. Madoff Investment Securities brokerage firm and appoints Baker & Hostetler LLP as counsel to Mr. Picard.
How two lawyers, Irving Picard and David Sheehan, have recovered 75 cents on the dollar of the stolen money—many times the usual rate in such cases. At the head of a conference table, in a room ...
Picard is ranked in Chambers USA: America's Leading Lawyers for Business, where he has been described as "extremely intelligent, a great analytical thinker" (Chambers USA 2014), and he is listed in The Best Lawyers in America® in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.
In June 2009, Irving Picard, the trustee liquidating Madoff's assets, filed a lawsuit against Picower in the U.S. Bankruptcy Court for the Southern District of New York (Manhattan), seeking the return of $7.2 billion in profits, alleging that Picower and his wife Barbara knew or should have known that their rates of return were "implausibly high", with some accounts showing annual returns ranging from 120% to more than 550% from 1996 through 1998, and 950% in 1999.