Law360, New York (February 06, 2013, 8:43 PM ET) -- Bernard L. Madoff’s brother, Peter, agreed to shell out $90.4 million Wednesday to settle the clawback suit brought by the trustee liquidating the Ponzi schemer’s collapsed firm, months after being handed a 10-year prison sentence for his role in the scandal.
Trustee Irving Picard’s suit targeting Peter Madoff and others members of the extended family seeks $255 million in allegedly illegal transfers that he said belongs to Bernard L. Madoff Investment Securities LLC customers. Picard contends the transfers should have tipped the family members off to...
Madoff Brother Agrees To Pay $90M In Picard Clawback Suit
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