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Allan R. Lipman
Madoff Trustee Seeks to Recover Funds Withdrawn by Investors
May 8th, 2009
The latest chapter in the complex and sordid saga of Bernard Madoff began recently as the bankruptcy trustee in the case took steps aimed at recovering over $400 million withdrawn by investors prior to the scheme becoming public. That action is called a clawback, and, if successful, could result in the investors being forced to return the money to the trustee who would eventually distribute it among all those who were cheated by Madoff. The action -- filing suits to recover a total of $405 million -- was taken by Irving Picard, acting as trustee for Madoff's firm. "It seems likely those are the first of many suits that will follow," observed Allan R....
Source: Health Business Week (2009-05-08)
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