Madoff Trustee OK'd To Seek Out $8B In Customer Funds

Law360, New York (October 30, 2013, 5:30 PM EDT) -- A New York federal judge on Tuesday made it easier for the attorney tasked with liquidating Bernard L. Madoff Investment Securities LLC’s bankruptcy estate to recover $8 billion from recipients of customer money from Madoff feeder funds.

U.S. District Judge Jed S. Rakoff ruled that Irving Picard, the BLMIS Securities Investment Protection Act liquidating trustee, does not have to obtain formal decisions avoiding such payments to banks and other financial institutions before he makes his case to recover the amounts.

Amanda Remus, a spokeswoman for Picard,...
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