Irving H. Picard v. RAR Entrepreneurial Fund, Ltd.

Background

Irving H. Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, sued RAR Entrepreneurial Fund, Ltd. The plaintiff and intervenor Securities Investor Protection Corporation (SIPC) moved to stay, or pause, the case pending the Second Circuit’s decision in a related appeal.

Rulings

The court exercised its broad discretion over whether to pause the case and denied the plaintiff’s and SIPC’s motions to stay. The court stated that all dates and deadlines would remain in effect.

The court also addressed the defendant’s stated intent to make a later motion to exclude expert testimony. Under the court’s individual rules, such motions generally must be made by the deadline for dispositive motions, unless the court orders otherwise. Because the parties’ summary-judgment schedule did not address expert-exclusion motions, Judge Jesse M. Furman ordered the parties to confer and file a joint letter by May 25, 2021, addressing whether either or both parties should be permitted to make such a motion and, if so, proposing a briefing schedule. The Clerk of Court was directed to terminate docket entries 50 and 54.