Picard Fights To Keep Suit Against Madoff Sons In Play

Law360, New York (November 22, 2011, 3:09 PM EST) -- Lawyers for Bernard L. Madoff trustee Irving Picard told a New York federal judge on Tuesday that a $198 million bankruptcy court suit accusing Madoff's sons of ignoring the Ponzi scheme at Bernard L. Madoff Investment Securities should be allowed to go forward.

Andrew and Mark Madoff, who were both co-directors at BLMIS, let a massive fraud unfold under their watch, attorney John Siegal of Baker Hostetler told U.S. District Judge William H. Pauley III at a morning hearing.

Judge Pauley will decide whether to allow...
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