Trustee Seeks $200M From Madoff Clan

Law360, New York (October 2, 2009, 6:22 PM EDT) -- The trustee overseeing the liquidation of Bernard L. Madoff's investment firm has sued the imprisoned Ponzi schemer's sons, brother and niece in an attempt to recover nearly $200 million for defrauded investors.

The adversary proceeding, which was filed by trustee Irving H. Picard on Friday in the U.S. Bankruptcy Court for the Southern District of New York, seeks to obtain at least $198.75 million from Madoff's sons, Mark and Andrew, his brother, Peter, and Peter's daughter, Shauna.

The four were executives at Bernard L. Madoff Investment...
To view the full article, register now.