Published in Lab Law Weekly, May 8th, 2009
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....
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