On July 6, Jed S. Rakoff, U.S. district judge for the Southern District of New York, declined to extend the reaches of Section 550(a) of the Bankruptcy Code abroad to permit the recovery of funds that were alleged to be fraudulently obtained from Bernard L. Madoff Investment Securities LLC in connection with Bernard Madoff’s Ponzi scheme.  The decision involves the attempted extraterritorial application of Section 550(a), which allows a trustee to recover “property transferred … to the extent that a transfer is avoided” under bankruptcy law.  For the complete Law360 article, please click here.