Clawbacks Loom As Madoff Trustee Subpoenas Firms

Law360, New York (February 17, 2009, 12:00 AM EST) -- In what is likely the start of a concerted effort to retrieve funds that Bernard L. Madoff’s investment firm paid out to investors just before he was arrested for orchestrating an alleged Ponzi scheme, the U.S. trustee in the firm’s bankruptcy has subpoenaed a slew of investment and brokerage companies as well as the Chicago Board of Trade.

U.S. Trustee Irving H. Picard on Monday filed the papers seeking to subpoena 12 financial entities in the U.S. Bankruptcy Court for the Southern District of New York....
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