Madoff Trustee Trims $245M Clawback Suit Against Plaza

Law360, New York (September 28, 2011, 6:59 PM EDT) -- The trustee leading bankruptcy recovery efforts for victims of Bernard Madoff's $65 billion Ponzi scheme dropped some claims Monday in his $245 million clawback suit against feeder fund Plaza Investments International Ltd., saying he will only pursue claims filed on behalf of Madoff’s estate.

In a joint stipulation of dismissal filed in New York federal court, Irving H. Picard agreed to drop common law claims for conversion and unjust enrichment against co-defendants Plaza Investments and its asset manager, Notz Stucki Bermuda.

The dismissal stems from a judge's...
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