Madoff Brother Agrees To Pay $90M In Picard Clawback Suit

Law360, New York (February 6, 2013, 8:43 PM EST) -- Bernard L. Madoff’s brother, Peter, agreed to shell out $90.4 million Wednesday to settle the clawback suit brought by the trustee liquidating the Ponzi schemer’s collapsed firm, months after being handed a 10-year prison sentence for his role in the scandal.

Trustee Irving Picard’s suit targeting Peter Madoff and others members of the extended family seeks $255 million in allegedly illegal transfers that he said belongs to Bernard L. Madoff Investment Securities LLC customers. Picard contends the transfers should have tipped the family members off to...
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