GAO To Review Madoff Trustee's Clawback Suits

Law360, New York (July 27, 2011, 6:13 PM EDT) -- The U.S. Government Accountability Office will undertake a “comprehensive review” of the liquidation of Bernard L. Madoff's investment company following complaints about clawback suits against investors, a Republican congressman announced Wednesday.

The GAO will look at the actions of the Securities Investor Protection Corp., liquidation trustee Irving Picard and the U.S. Securities and Exchange Commission, particularly Picard's aggressive clawback suits against investors who profited from Madoff's scheme, said Rep. Scott Garrett, R-N.J., who chairs the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises....
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