Madoff Trustee Sues Charity Over $5.1B Ponzi Gains

Law360, New York (May 13, 2009, 12:00 AM EDT) -- The trustee liquidating Bernard L. Madoff's investment firm has launched separate adversary proceedings against the founders of one of the country's largest charitable organizations and against a hedge fund, seeking the recovery of billions of dollars in profits they allegedly made as a result of the massive Ponzi scheme.

Irving H. Picard filed his complaints in the U.S. Bankruptcy Court for the Southern District of New York on Tuesday to recover funds transferred to Jeffry M. and Barbara Picower and their eponymous foundation, as well as...
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