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Citibank, N.A., et al. v. Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, et al.

Paid petition · United States Court of Appeals for the Second Circuit, No. 20-1333, 20-1334 · judgment August 30, 2021

Certiorari denied · February 28, 2022
Pre-decision estimate: 12% cert probability (95% interval 7%–19%)

Before the decision, about 2.9× the 4.1% base rate. The model weighted this up for counsel who has won certiorari before, a Second Circuit decision below, and a petition citing three to ten dissents, and down for a business respondent.

Question presented

Whether a bankruptcy trustee seeking to recover an avoided transfer from a subsequent transferee under 11 U.S.C. 550 bears the burden of pleading and proving that the subsequent transferee did not accept the debtor’s property in good faith.

Counsel of record

For petitioner
Kannon K. Shanmugam
Paul, Weiss, Rifkind, Wharton & Garrison LLP

For respondent
Kenneth J. Caputo
Securities Investor Protection Corporation

Case

Subject area
Economic Activity (estimated from the questions presented, in the Supreme Court Database’s categories)

Conference history
Distributed for 1 conference

Amicus briefs
1 cert-stage

Linked docket
21A169

Order
Order list, February 28, 2022 · Certiorari denied

Proceedings

  1. Feb 28 2022
    Petition DENIED.
  2. Feb 24 2022
    Brief amici curiae of ABN AMRO Retained Custodial Services (Ireland) Limited and ABN AMRO Custodial Services (Ireland) Ltd. filed.
    Main DocumentCertificate of Word CountProof of Service
  3. Feb 09 2022
    DISTRIBUTED for Conference of 2/25/2022.
  4. Feb 09 2022
    Blanket Consent filed by Petitioner, Citibank, N.A., et al.
    Blanket Consent
  5. Feb 08 2022
    Letter from counsel for petitioners dated February 8, 2022 received.
    Main Document
  6. Feb 03 2022
    Waiver of right of respondent Securities Investor Protection Corporation to respond filed.
    Main Document
  7. Feb 02 2022
    Waiver of right of respondent Irving H. Picard to respond filed.
    Main Document
  8. Jan 27 2022
    Petition for a writ of certiorari filed. (Response due March 2, 2022)
    PetitionAppendixCertificate of Word CountProof of Service
  9. Nov 24 2021
    Application (21A169) granted by Justice Sotomayor extending the time to file until January 27, 2022.
  10. Nov 19 2021
    Application (21A169) to extend the time to file a petition for a writ of certiorari from November 28, 2021 to January 27, 2022, submitted to Justice Sotomayor.
    Main DocumentProof of Service