Facing a 12/11/10 deadline, trustee Irving Picard filed more than 100 lawsuits seeking what he says were fictitious profits earned by some of Bernie's investors.  It was 2 years ago, on 12/11/08, that Bernie & Co. (i.e., BLMIS) filed for bankruptcy protection, which means this year's  anniversary is the last day for Mr. Picard to launch so-called clawback lawsuits.  Up to now, he's been feeding off of Madoff feeder funds, other financial institutions and persons connected to Bernie and his operation. 

Many of the suits filed Tuesday were directed at so-called "net winners" - those individuals who withdrew more money than they invested and Mr. Picard seeks to collect those false profits.  The persons named in the suits are not accused of knowing about, or having had reason to know about, the Ponzi scheme.  Rather, he simply seeks to reduce the losses of others. 

One such lawsuit against Barry Weisfeld of Scarsdale, N.Y. for $2.8 million, claims the investor deposited $5.2mn with Madoff firm and withdrew $8mn.  Mr. Weisfeld's lawyer couldn't comment on his case, but called some of Mr. Picard's earlier filings "sloppy" and "cookie cutter," and said they "overlook the subtleties of any transactions."

In a statement, Mr. Picard's office confirmed that he had begun filing lawsuits against people who withdrew more than they had deposited but declined to comment on specific cases.  The statement further noted that any recoveries would ultimately be returned "pro rata, to their rightful owners, the customers of [Bernie Madoff's firm] with valid claims."  Given that Mr. Picard previously said he would file upwards of 1,000 of such lawsuits, there are likely many more lawsuits in the legal pipeline.  [WSJournal, 11/30]