Madoff Trustee's Legacy Capital Suit Must Go To Trial

Law360 (July 10, 2019, 6:46 PM EDT) -- A New York bankruptcy judge has denied the court-appointed trustee of Bernie Madoff's investment company summary judgment in his attempt to claw back nearly $213 million from Legacy Capital Ltd., sending the 9-year-old case to trial.

In a ruling issued Tuesday, U.S. Bankruptcy Judge Stuart Bernstein said trustee Irving Picard had established Madoff was running a Ponzi scheme, but that the legitimacy of Legacy Capital's claimed investment profits will be a matter for trial.

Picard's lawsuit was first filed in December 2010, seeking to recover $213 million in initial transfers that Bernard L. Madoff Investment Securities made to Legacy.

Madoff pled...

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Attached Documents



Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only


New York Southern

Nature of Suit

Date Filed

December 11, 2008

Law Firms

Government Agencies