Madoff Lawsuits Are Headed for Court

[alp227]

Source: The New York Times

With the final deadline for litigation having passed at midnight on Saturday, at least 1,000 individual civil lawsuits will now go forward to try to recover more than $50 billion for the victims of the global Ponzi scheme orchestrated by Bernard L. Madoff.

David J. Sheehan, the counsel for Irving H. Picard, the trustee charged with recovering the assets, said on Sunday that he expected that “hundreds” of those suits — many against individuals, some of them prominent — were likely to be settled in negotiations before or soon after they reach court in coming months. But the remainder were likely to be contested and would proceed to trial, he said.

Mr. Sheehan said the death on Saturday of Mark Madoff, the older of Bernard Madoff’s two sons, would not affect the complaints against him, his brother, Andrew, and other relatives.

“We have to proceed with that and stay the course,” Mr. Sheehan said.

Read more: http://www.nytimes.com/2010/12/13/business/13madoff.html?partner=rss&emc=rss&pagewanted=all

[russspeakeasy]

1. I hope Bernie lives for another 148 years.

[Tansy_Gold]

2. Does Mark Madoff's death protect his "estate" from clawback?

Will his wife and child(ren) inherit without risk of losing any wealth acquired from Bernie's Ponzi scheme, or is the estate subject to lawsuits as well?


TG, TT

[sam sarrha]

3. i think he was Off'd by people he ruined financially.. mark stoled a lot of peoples money, wife wont...

wont be hurting for money.. they have a shit load left offshore.

[1monster]

4. According to the article in today's paper, the son who killed himself was the

head of the investments department which was not involved in any fraud. Bernie Madoff confessed to his crimes two sons. They are the ones who went to the police to inform the authorities of Bernie Madoff's Ponzi scam. Two days later, B. Madoff was arrested.

Yes, the sons probably benefited from Madoff's criminal behaviors, but they did so unknowingly.

They turned their father in.

I think death is an extreme penalty to pay for a crime he did not commit.

The projection of the crimes of the father on to the children was probably one of the things that pushed this man over the edge especially since it could not have been easy to expose his father for the criminal he is.

[customerserviceguy]

5. I'll admit, my first thought was

that Mossad did this. Bernie screwed a lot of Jewish charities out of a bunch of money, among these organizations were those which sent US Jewish young people to Israel. As soon as the money disappeared, so did a lot of potential Israeli tourist dollars.

[Gin]

7. I wondered about that too...

[tpsbmam]

8. Yes, claims against him can be transferred to claims against the estate.

On top of that, his children were named in a bunch of the lawsuits. I assume that was done so money couldn't be transferred to them in an effort to hide and/or protect assets.

[ProgressiveProfessor]

6. Some of the "clawbacks" appear to be questionable

People who withdrew money for legitimate reasons are being sued, arguably unfairly.