Madoff Investor Fights To Block $7.2B Picower Deal

Law360, New York (July 19, 2011, 5:56 PM EDT) -- An investor in Bernard L. Madoff’s Ponzi scheme on Monday appealed a New York federal judge’s decision to block her challenge to a $7.2 billion settlement with the estate of Jeffry Picower, a major Madoff client.

Adele Fox turned to the Second Circuit after U.S. District Judge Thomas Griesa’s refused in May to let her intervene in the federal government's forfeiture action against Picower’s widow. Fox seeks to prevent the $7.2 billion from going primarily to investors who lost fortunes in the scam, claiming that more...
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