Madoff trustee plans more lawsuits – WSJ

July 26 (BestGrowthStock) – Irving Picard, the court-appointed
trustee overseeing the liquidation of Bernard Madoff’s
investment firm, is preparing to file new lawsuits to recover
funds from investors who were also duped by the Ponzi scheme,
the Wall Street Journal said.

Picard told the Journal in an interview that he could end up
suing about half the estimated 2,000 individual investors he has
called “net winners” from their dealings with Madoff.

Investors categorised as “net winners” withdrew more money
from Madoff’s firm than the amount of principal they invested,
the Journal said.

“The people who made money, who got more, have made money at
the expense of the people who did not,” Picard told the
newspaper.

On July 21, Picard demanded more than $3.6 billion in
damages in an expanded lawsuit against a hedge fund firm and
individuals whom he said had helped Madoff run a massive Ponzi
scheme. [ID:N21145275]

Picard, a partner at law firm Baker & Hostetler LLP, has
said that through March 31 he had recovered more than $1.5
billion of assets for Madoff victims.

Madoff was arrested on Dec. 11, 2008, and pleaded guilty
three months later to orchestrating the $65 billion Ponzi
scheme.

The 72-year-old is serving a 150-year sentence in a North
Carolina federal prison.

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(Reporting by Sakthi Prasad in Bangalore; Editing by Erica
Billingham)

Madoff trustee plans more lawsuits – WSJ