Pension Insurer Becomes Creditor In Madoff Case

Law360, New York (January 14, 2009, 12:00 AM EST) -- The Pension Benefit Guaranty Corp. has become a creditor in the liquidation proceedings of disgraced financier Bernard L. Madoff's investment firm, with the government-backed insurer poised to pick up the pension tab for one of the companies that fell prey to the alleged $50 billion investment scheme.

On Tuesday, the insurer revealed its position as a new creditor in the liquidation proceedings of Bernard L. Madoff Investment Securities LLC as the winding down of the firm continued in a Manhattan bankruptcy court.

The disclosure of PBGC...
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