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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]

