GAO Says Picard Not Biased When Assessing Madoff Claims

Law360, New York (September 14, 2012, 3:40 PM EDT) -- Irving Picard, the trustee unwinding Ponzi schemer Bernard L. Madoff's trading firm, hasn't treated individual investors differently from institutions when making decisions about accepting or rejecting claims, according to a U.S. Government Accountability Office report released Thursday.

Picard, a partner at BakerHostetler, rejected most claims from the scheme's "net winners" — those investors who withdrew more money from their Madoff accounts than they deposited with him — but accepted most claims from net losers, regardless of whether the investors were individuals or institutions, the GAO found....
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