SIPC Trustee Sues Ruth Madoff For $45M

Law360, New York (July 29, 2009, 5:24 PM EDT) -- The trustee in charge of liquidating defunct broker-dealer Bernard L. Madoff Investment Securities LLC slapped the jailed swindler's wife, Ruth Madoff, with a $44.8 million lawsuit claiming that she lived lavishly for decades off BLMIS' customers' money — but her lawyer cried foul, calling the suit unjustified and perplexing.

Trustee Irving Picard filed an adversary proceeding Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, saying that he has identified at least $44.8 million that is "subject to recapture" from Ruth Madoff....
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