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Valparaiso Univ. Law School

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Tuesday, March 17, 2009

More on Madoff Mistake Case

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]

http://lawprofessors.typepad.com/contractsprof_blog/2009/03/more-on-madoff.html

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