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Baker & Hostetler LLP
3200 National City Center 1900 East Ninth Street
Baker & Hostetler LLP is among the nation's 100 largest law firms with 600 attorneys serving clients throughout the world. The firm's four primary practice groups are Business; Employment and Labor; Litigation; and Tax. Founded in 1916, Baker & Hostetler ...
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SIPC - Initial Interim Distribution Of Recovered Funds To Madoff Claims Holders
"While we cannot predict the timing of rulings on these appeals, we maintain that the appeals of the Picower and other settlements are frivolous and will be dismissed, at which point the Trustee will immediately seek the Court's permission to allocate the more than $5 billion in recovered funds to the Customer Fund and distribute those funds as quickly as possible," said David J. Sheehan, counsel to the Trustee and a partner at Baker & Hostetler LLP, the court-appointed counsel to the Trustee.
"The Second Circuit's recent ruling upholding the Trustee's net equity definition was a major victory for customers with allowed claims," he
added, "however, until all net equity appeals are resolved, we must still take a 'worst case' approach and calculate payouts and reserves as if appellants had prevailed."
In addition to Mr. Sheehan, the Trustee acknowledges the contributions of the Baker & Hostetler LLP attorneys who worked on the distribution and related filings: Seanna Brown, Jacqlyn Rovine, Thomas Wearsch, and Brian Bash.
"We are pleased that the recovery efforts have resulted in another significant distribution," said David J. Sheehan, Chief Counsel to the SIPA Trustee.
Picard and Sheehan
would like to thank BakerHostetler's Seanna Brown and Heather Wlodek, who worked on the fourth pro rata interim distribution and related filings, as well the SIPA
Trustee's legal teams worldwide.
David J. Sheehan, Chief ...
David J. Sheehan, Chief Counsel to the SIPA Trustee states, "The SIPA Trustee believes that this settlement represents the best possible outcome for BLMIS Customers with allowed claims, as it provides for the recovery of 100 percent of the $162 million in fictitious profits for the six-year period.
In addition to Mr. Sheehan, the Baker & Hostetler Counsel to the SIPA Trustee who worked on Picard v. Saul Katz et al. include: Fernando Bohorquez, Regina Griffin, Tracy Cole, Karin Scholz Jenson, Lauren Resnick, Mark Kornfeld, Timothy Susanin, Kathryn Zunno, Jody Schechter, Stacey Bell, Melissa Kosack, Amanda Fein and Brian Song.
SIPC - Third Interim Distribution Of Recovered Funds In Madoff Global Liquidation Will Total Approximately $505 Million
"Our efforts to recover additional stolen funds are far from over, and we will continue to vigorously pursue pending cases and issues, as we remain confident in our positions," said David J. Sheehan, Chief Counsel to the SIPA Trustee.
noted that there are 173 claims still subject to litigation.
Picard and Sheehan
would like to thank Seanna Brown and Heather Wlodek, BakerHostetler attorneys who worked on the third pro rata interim distribution and its related filings.
David J. ...
David J. Sheehan
J. Sheehan is a trial lawyer who has tried cases in federal and state courts throughout the country before both judges and juries, principally in the areas of intellectual property, product liability and business litigation.
has vast experience in trying complex cases, and he
brings a deep and broad understanding of preparing cases for litigation and counseling clients accordingly.
Since December 2008, Mr. Sheehan has served as lead counsel for the global representation of the Securities Investor Protection Corporation ("SIPC") liquidation of Bernard L. Madoff Investment Securities LLC in connection with one of the largest financial frauds in recorded history.
directs the multiple legal teams in connection with the global investigations and litigations seeking tens of billions of dollars in worldwide asset recovery from financial institutions, hedge funds and hedge fund fiduciaries, funds of funds, and investment managers.
In addition to this experience, Mr. Sheehan served as a Lieutenant in The United States Navy Judge Advocate General's Corps from 1969 to 1973.
Mr. Sheehan is a fellow in the American College of Trial Lawyers and a Life Fellow of the American Bar Foundation.
Recognized by his
peers as one of the leading trial lawyers in the New York metropolitan area, he
was named one of the Top 100 Lawyers in the metropolitan New York area in 2007 and 2011.
has been repeatedly selected as one of the "Best Lawyers in America" for business litigation in the states of New York and New Jersey.
In the pro bono arena, Mr. Sheehan
is deeply committed to providing legal services in support of the public interest and citizens' rights.
career contributions have been acknowledged widely, and he
has also been awarded the Thurgood Marshall Award from the Association of the Bar of the City of New York
work on death penalty cases.