Clawback Letters To Madoff Victims Spark Concern

Law360, New York (April 24, 2009, 12:00 AM EDT) -- Recent efforts by the trustee tasked with liquidating Bernard L. Madoff's defunct firm to claw back money from victims may end up being the opening salvo in a long legal battle, experts say.

The court-appointed trustee has sent letters to 223 people over the past week, asking them to return money they redeemed from Madoff's firm over the past six years or face legal action.

The trustee, Baker Hostetler LLP partner Irving Picard, is looking to retrieve some $735 million total from institutional investors and individuals,...
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