Tuesday, December 29, 2009

Madoff Losses Not "Mutual Mistake" in Divorce Settlement

Business Week reports on an unsuccessful argument that a divorce settlement might be rescinded for mutual mistake relating to the Madoff scam.

A judge says a prominent New York City lawyer can't recover money he paid in a divorce agreement when he believed he and his ex-wife had millions of dollars invested with Bernard Madoff.

Steven Simkin says he gave Laura Blank $6.6 million as her share of marital assets in July 2006 after more than 30 years of marriage. The figure included $2.7 million that was half the value of Simkin's Madoff account.

But the account with Bernard L. Madoff Investment Securities was empty. Madoff later admitted cheating thousands of investors and was imprisoned.

A Manhattan Supreme Court justice ruled Blank didn't have to "shoulder her share" of the Madoff losses and threw out the case.

Read the story here.

AC

http://lawprofessors.typepad.com/family_law/2009/12/madoff-losses-not-mutual-mistake-in-divorce-settlement.html

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