Legal News

Madoff Trustee Moves to Baker Hostetler

By Amir Efrati

Irving Picard, who last week was tapped to liquidate the now-infamous Bernard L. Madoff Investment Securities LLC, has left Gibbons to join Baker Hostetler, bringing the firm a steady stream of trustee-related work. Picard is a favorite of SIPC — the Securities Investor Protection Corporation — which is responsible for picking trustees to handle brokerage liquidations.

The move comes during a big moment for Picard (UPenn ‘63, Boston U. Law ‘66), who is helping investigators locate assets and sort through reams of falsified records in Mr. Madoff’s investment-advisory business, the site of an alleged $50 billion Ponzi scheme that you may have read about. (If you haven’t, please click here, here and here to get caught up. This story isn’t going away soon.)

Picard, who has been holed up in the Lipstick Building, where the Madoff firm is headquartered, joins several other former Gibbons lawyers, including David Sheehan, who all joined Baker earlier this year. “Irving’s depth of knowledge in complicated restructurings and experience as a trustee in major securities cases is widely recognized,” said Baker’s George Stamboulidis, who will become managing partner of the New York office at the start of next year, in a statement.

Full post as published by Law Blog - WSJ.com on December 22, 2008 (boomark / email).