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S.D.N.Y.Procedural orderFiled Sept. 20, 2022

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

Judge
Jesse Furman
Docket
1:20-cv-01029
Court
U.S. District Court · Southern District of New York
Pages
1
Civil ProcedureSecurities
In one sentence

In Irving H. Picard v. RAR Entrepreneurial Fund, Ltd., Judge Furman granted the Trustee 4% prejudgment interest from November 12, 2010, through judgment.

Who this affects

The ruling affected Irving H. Picard, as Trustee, by awarding prejudgment interest, and RAR Entrepreneurial Fund, Ltd., which is subject to the interest award.

What happened

In Irving H. Picard v. RAR Entrepreneurial Fund, Ltd., the Trustee asked the court to award interest on the amount already determined in the case.

The court relied on a Second Circuit decision affirming a 4% prejudgment-interest award in a nearly identical case. The opinion also referred to the court’s earlier rulings and the jury’s March 7, 2022 verdict.

Judge Furman granted the Trustee’s request for 4% prejudgment interest from November 12, 2010, through entry of judgment. He directed the Trustee to promptly file a proposed final judgment after consulting with RAR Entrepreneurial Fund.

The detailed version

For law students, journalists, and other readers who want the full reasoning

Case
Irving H. Picard v. RAR Entrepreneurial Fund, Ltd. · No. 1:20-cv-01029
Judge
Jesse Furman
Date
Sept. 20, 2022

Background

Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, sought prejudgment interest from RAR Entrepreneurial Fund, Ltd. Prejudgment interest is interest awarded for the period before a final judgment is entered.

The court noted that, earlier that day, the Second Circuit had affirmed a 4% prejudgment-interest award in a nearly identical case. The court also relied substantially on the reasons given in Judge Koeltl’s opinion and on the Trustee’s supplemental submissions. The order referred to the court’s prior rulings and the jury’s verdict issued on March 7, 2022, but did not restate the underlying claims or verdict amount.

Ruling

Judge Furman granted the Trustee’s request for prejudgment interest at a rate of 4%, covering the period from November 12, 2010, through the date judgment is entered. The Trustee was directed to confer with RAR Entrepreneurial Fund and promptly file a proposed final judgment consistent with the order, the court’s prior rulings, and the jury’s verdict.

The authoritative version

Read the full 1-page opinion on CourtListener, the free public archive maintained by the Free Law Project.

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