Madoff Investor's Heirs Fight Bid To Vacate Settlement

Law360, New York (March 16, 2011, 8:45 PM EDT) -- The heirs of an investor who profited from Bernard Madoff’s Ponzi scheme asked a New York bankruptcy court Tuesday to reject a bid by other Madoff investors to reconsider a $220 million settlement the investor's estate made with the fraudster’s liquidating trustee.

The settlement continues to have the support of the trustee for Bernard L. Madoff Investment Securities LLC, Irving H. Picard, and the heirs to Norman F. Levy need assurance that “the settled claims will not be relitigated,” according to an opposition declaration filed in...
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