UniCredit Wins Dismissal of Madoff-Related Claims

Skadden secured the dismissal of $60 billion in trebled RICO claims and common law claims brought against UniCredit S.p.A. by Irving Picard, the trustee for the Securities Investor Protection Act liquidation of Bernard L. Madoff Investment Securities LLC. On February 21, Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York dismissed the claims for lack of standing, calling Picard’s claims a “casual assertion” that “fails to establish a direct enough relationship between the alleged criminal acts and resulting injuries.”