Madoff Investor Can't Stop $7.2B Picower Forfeiture

Law360, New York (May 23, 2011, 10:00 PM EDT) -- A federal judge in New York on Monday denied a Bernard L. Madoff investor's request to intervene and challenge the $7.2 billion forfeiture action against the estate of Jeffry Picower, a longtime investor in Madoff's Ponzi scheme.

In an order, U.S. District Judge Thomas P. Griesa called Madoff investor and "net winner" Adele Fox's status as a victim of the Ponzi scheme too remote to allow her to intervene.

"Fox has, at most, a contingent interest in forfeited funds, which is an insufficient interest on which...
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