Subscribe to our mailing list

* indicates required

 

 

 

 

BROWSE BY TOPIC

ABOUT FINANCIALISH

We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.

 

Stay Informed with the latest fanancialish news.

 

SUBSCRIBE FOR
NEWSLETTERS & ALERTS

FOLLOW US

Archive

Madoff Trustee Files Many New Lawsuits

June 6, 2012
[ by Howard Haykin ] Madoff trustee Irving Picard, a partner with Baker Hostetler, is "turning over more rocks" and "shaking more trees," in search of money victims of Bernie Madoff's Ponzi scheme.  [C-I Note: He also may be looking for more billable hours in court.  To date, something like $554 million in legal fees have been billed.  Nice job if you can get it.] Mr. Picard specifically filed many new lawsuits on Wednesday - all with the U.S. Bankruptcy Court in Manhattan - hoping to recover several hundred million dollars derived from Madoff "feeder" funds.  Mr. Picard filed complaints seeking $355 million and $179 million from EFG Bank SA and Lombard Odier Darier Hentsch & Cie - both Swiss private banks. Other complaints include: (i) $122 million case against defendants - one of which is ABN Amro Fund Services (Isle of Man) Nominees Ltd; (ii) $108 million case against defendants - one of which is Belgian private lender Banque Degroof SA. All told, Mr. Picard has filed over 1,000 lawsuits on behalf of former Madoff customers.  To date, he's distributed $333 million out of $9.13 billion that he claims to have collected.  However, much of that sum is tied up in litigation.  [C-I: That's all right, it's only been since mid-2009.]   [ Reuters, 6/6/12]