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Madoff Trustee Moves To Kill Worker Benefit Plans

Law360 (May 18, 2009, 12:00 AM EDT) -- The trustee overseeing the winding down of the notorious Bernard L. Madoff's investment firm has asked a bankruptcy judge for permission to end several employee benefit plans to cut back on expenses and liabilities during the firm's liquidation.

In the U.S. Bankruptcy Court for the Southern District of New York on Friday, the trustee, Irving Picard, moved for an order authorizing the amendment and termination of four Bernard L. Madoff Investment Securities LLC employee benefit plans by May 31.

The plans are the employee benefit plan,...
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