Madoff Litigation: Claim Against Directors Dismissed as ‘Unfounded’


In what has been described as one of the ‘Top 10’ pieces of commercial litigation this year, Popplewell J has handed down his judgment in Madoff Securities International Ltd (in liquidation) v Raven & Ors [2013] EWHC 3147 (Comm), following a mult-week trial in the Commercial Court. The liquidators of MSIL brought claims against a number of directors alleging breaches of their fiduciary duties in making or permitting payments by the company. Ian Clarke successfully represented one of the directors, Mr Leon Flax.