Irving H. Picard

Partner at Baker & Hostetler LLP

Irving H. Picard

Irving H. Picard

Partner at Baker & Hostetler LLP

Biography

Throughout his nearly 50-year legal career, Irving Picard has focused his practice on the complexities of bankruptcy, restructuring and creditors’ rights, and he is a leader in the field of trusteeships and receiverships.

Picard currently serves as court-appointed trustee under the Securities Investor Protection Act (SIPA) for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), an unprecedented global recovery effort stemming from one of the largest financial frauds in U.S. history.

As SIPA Trustee, Picard’s mandate is to recover the principal stolen by Madoff to return to BLMIS customers with allowed claims. As of February 2019, with the help of his BakerHostetler legal team, he has recovered or entered into agreements to recover more than $13.3 billion, all of which will be returned to defrauded BLMIS customers. To date, Picard has overseen the return of more than $12 billion to BLMIS customers, which includes approximately $845.16 million in cash advances from SIPC. (For more information on the liquidation, visit www.madofftrustee.com.)

In addition to serving as a court-appointed trustee for securities brokerage house liquidations under SIPA more than 10 times, Picard has also served as counsel to trustees under SIPA, counsel for Chapter 11 creditors' committees, SEC receiver in a Ponzi scheme case, and disbursing agent. In 1979, Picard was appointed as the Department of Justice's first United States Trustee for the Southern District of New York, a position he held for nearly three years. From 1976 through 1979, he served as Assistant General Counsel of the Securities and Exchange Commission.

Picard is ranked in Chambers USA: America's Leading Lawyers for Business, where he has been described as "extremely intelligent, a great analytical thinker" (Chambers USA 2014), and he is listed in The Best Lawyers in America® in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law.

The Madoff liquidation continues to be a topic of global interest. Picard has been tapped by leading news organizations to discuss the groundbreaking – and heartbreaking – case and to shed light on what the world can learn from it. With this Trusteeship, Picard and the case have come into an international spotlight, and have been widely reported on by major media including CBS’ 60 Minutes, ABC Nightly News, Bloomberg TV, NPR, CNBC, Fox Business, The New York Times, the Wall Street Journal, Associated Press, Financial Times, Reuters, USA Today, Forbes and many others.

Overview
RelSci Relationships

2332

Number of Boards

2

Number of Awards

12

Contact Data
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Managing Partner at Baker & Hostetler LLP

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Mediator at United States Bankruptcy Court for the Eastern District of New York

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Partner at Baker & Hostetler LLP

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Partner at Baker & Hostetler LLP

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Partner at Baker & Hostetler LLP

Relationship likelihood: Strong

Partner at Baker & Hostetler LLP

Relationship likelihood: Strong

Partner at Baker & Hostetler LLP

Relationship likelihood: Strong

Partner at Baker & Hostetler LLP

Relationship likelihood: Strong

Managing Partner at Baker & Hostetler LLP

Relationship likelihood: Strong

Managing Partner at Baker & Hostetler LLP

Relationship likelihood: Strong

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Irving H. Picard
Partner at Baker & Hostetler LLP
Education
LLM
Class of 1967

Founded in 1835, New York University School of Law has a record of academic excellence and national scholarly influence. One of the first law schools to admit women, it has been long committed to welcoming students of diverse backgrounds, people who had been discriminated against by many other institutions. Located on the University's campus in Greenwich Village, NYU Law has been a leader, and continues to be, in areas such as law and business, clinical education, public service, interdisciplinary colloquia and global studies.

JD
Class of 1967

Boston University School of Law (BU Law) is the law school affiliated with Boston University. It is the second-oldest law school in Massachusetts and one of the first law schools in the country to admit students regardless of race or gender. It is also a member of the Association of American Law Schools and a charter member of the American Bar Association.

B.S.
Class of 1963

The Wharton School is the business school of the University of Pennsylvania, an Ivy League university in Philadelphia, Pennsylvania. Wharton was the world’s first collegiate business school and the first business school in the United States. It was established in 1881 through a donation of Joseph Wharton.

Memberships
Member
Current

The New York State Bar Association (NYSBA) is a voluntary bar association for the state of New York. NYSBA was founded in 1877 with the stated goal to cultivate the science of jurisprudence; to promote reform in the law; to facilitate the administration of justice, and to elevate the standards of integrity, honor, professional skill, and courtesy in the legal profession. Its first President was David B. Hill. Among the reforms in the legislation signed into law creating the association was the removal of the restrictions on the admission of women to the practice of law. In 1896, NYSBA proposed the first global means for settling disputes among nations, what is now called the Permanent Court of Arbitration in The Hague.

Member
Current

American Bankruptcy Institute is an American nonprofit company located in Alexandria, VA, focused on business associations. The firm was founded by Richard A. Gitlin.

Member
Current

Turnaround Management Association (TMA) is a non-profit association dedicated to corporate renewal and turnaround management. Established in 1988, TMA has more than 9,000 members in 48 chapters, including 31 in North America and one each in Australia, Brazil, the Czech Republic, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, Romania, Southern Africa, Spain, Sweden, Taiwan and the United Kingdom, with a chapter in formation in Singapore.The TMA Certification Program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal. Applicants for certification must meet stringent standards of education, experience and professional conduct, pass a comprehensive examination and maintain the credential through continuing education credits.

Career History
Partner
Current

Baker & Hostetler LLP provides legal services. They offer their services to clients in the hospitality, healthcare, financial services, media, energy, sports and technology industries. The company was founded in 1916 and is headquartered in Cleveland, OH

Mediator
Current

The United States Bankruptcy Court for the Southern District of New York is the United States bankruptcy court within the United States District Court for the Southern District of New York. The Southern District of New York is a major venue for bankruptcy, as it includes the City of New York.

Assistant General Counsel
1976 - 1979

The U.S. Securities and Exchange Commission (SEC) is an agency of the United States federal government. It holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. In addition to the Securities Exchange Act of 1934 that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934.

Boards & Committees
Trustee
Tenure Unconfirmed

Baker & Hostetler LLP provides legal services. They offer their services to clients in the hospitality, healthcare, financial services, media, energy, sports and technology industries. The company was founded in 1916 and is headquartered in Cleveland, OH

United States Trustee
1979 - Prior

The United States Bankruptcy Court for the Southern District of New York is the United States bankruptcy court within the United States District Court for the Southern District of New York. The Southern District of New York is a major venue for bankruptcy, as it includes the City of New York.

Advisors
Legal Advisor

Partner at Jones Day

Legal Advisor

Co-Founder at Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP

Awards & Honors
1986
Court Admission: US District Court, Northern District of New York
1982
Court Admission: US District Court, Eastern District of New York
1982
Admitted to the New York Bar
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