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.
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