Madoff Trustee, Levys Strike $220M Clawback Deal

Law360, New York (January 28, 2010, 2:48 PM EST) -- The liquidating trustee for Bernard L. Madoff's erstwhile securities firm has settled for $220 million clawback claims against the family of a real estate mogul who invested in the Ponzi scheme for 30 years.

Irving H. Picard, the court-appointed trustee for Bernard L. Madoff Investment Securities LLC, moved to approve the deal with Norman F. Levy's estate on Wednesday in the U.S. District Court for the Southern District of New York.

The settlement motion said that Levy began investing with Madoff in the mid-1970s, creating a...
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