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Madoff trustee could sue 1,000
THE trustee overseeing the liquidation of Bernard Madoff’s investment firm might sue about 1,000 victims whom he believes profited improperly from doing business with the now-imprisoned Ponzi schemer.
Irving Picard, the court-appointed trustee, “could sue” about half of the estimated 2,000 former Madoff clients whom he considers “net winners,” a spokesman said.
Picard has until December to file such clawback lawsuits, marking the two-year anniversary of Madoff’s 11 December, 2008 arrest and the start of related criminal and civil proceedings.