Madoff’s relatives, employees face 40 new US suits

* Trustee adds new actions ahead of Dec. 11 legal deadline

* Bernard Madoff’s wife, sister, and nephew named in suits

NEW YORK, Nov 26 (BestGrowthStock) – The trustee seeking to
recover money for defrauded Bernard Madoff investors said he
filed 40 lawsuits on Friday, including several against
relatives of the convicted U.S. money manager.

Trustee Irving Picard filed suits against Madoff’s wife,
Ruth Alpern Madoff, his sister and his nephew. Ruth’s sister
and relatives, as well as former employees of Bernard L.
Madoff Investment Securities LLC, and their relatives, also
face suits which in total aim to recapture $69 million,
Picard’s law firm said in a statement.

The once-respected Madoff is in prison after his massive
Ponzi scheme was uncovered late in 2008. Irving’s legal
actions have piled up in the last few days, ahead of a Dec. 11
legal deadline. [ID:nSGE6AN0EK] [ID:nLDE6AN1XT].

“The complaints filed today are a continuation of our
recovery efforts against the Madoff relatives and employees
who were closest to the center of the fraud and who were, in
many cases, among those who benefited most from the Ponzi
scheme,” Picard said in a statement.

Earlier this week, Picard sued Swiss bank UBS AG
and others for more than $2 billion for their
involvement in a Luxembourg-regulated Madoff feeder, so called
because assets it collected were passed directly to Madoff
funds.

Friday’s suits were brought in the United States
Bankruptcy Court for the Southern District of New York. The
suits — 22 of which were against relatives of Madoff and his
wife — add to previous legal actions against his relatives
and employees.

Under U.S. law, claimants have two years to file a suit
from the time they knew of a fraud, giving potential claimants
in Madoff’s estimated $65 billion fraud until Dec. 11 to file
any actions.

(Reporting by Jonathan Spicer; Editing by Sanjeev Miglani)

Madoff’s relatives, employees face 40 new US suits