Wednesday, September 30, 2009
Irving Picard, the court appointed Bernard Madoff bankruptcy trustee, plans to sue two of Madoff's sons, a brother, and a neice for negligence and breach of fiduciary duty in their roles as part of Madoff's business. According to Picard, these individuals received more than $150 million dollars from Madoff's business. These lawsuits are part of Picard's quest to recover money for victims of Madoff's ponzi-shceme, and follow a lawsuit against Madoff's wife.
See Joanna Chung, Madoff family members facing lawsuit, Fin. Times, Sept. 27, 2009; see also my prior post.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.