Tuesday, March 17, 2009
We previously mentioned a NYT article about a lawsuit to unravel a divorce settlement that included a payout from husband to wife for the right to keep the $5.4 million (or so they thought) Madoff account. As part of the settlement husband had paid wife $2.7 million in cash, and he now wants the money returned. From the news article, it appeared that the husband would argue mutual mistake. We now have a copy of the complaint, and that is, indeed, the husband's argument: count one seeks reformation based on mutual mistake as to the value of the "account." There is also a count for restitution/unjust enrichment.
[Meredith R. Miller][h/t Isaac Samuels]