News - National
Madoff trustee sues Madoff's family for $198M
Posted: Oct 2, 2009 1:47 PM by Associated Press
A trustee trying to recover Bernard Madoff's assets to reimburse investors has sued his brother, sons and a niece to recover nearly $200 million.
The lawsuit was filed Friday in U.S. Bankruptcy Court in Manhattan.
In the court papers, Trustee Irving Picard says the money was received by the family members as a result of preferential payments, fraudulent transfers and breaches of fiduciary duties.
The lawsuit said the family members were completely derelict in their duties and responsibilities.
Madoff is serving a 150-year prison sentence after he admitted losing billions of dollars for thousands of clients over a half-century career that saw him rise to be a Nasdaq chairman.
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