Oct 2, 2009 3:47 PM by Associated Press

Madoff trustee sues Madoff's family for $198M

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.


»Topics in this article

More News

Weather - Forecast
Story Photo

9 hours ago

Water Spigot Closing

The water spigot that has been turned on for parts of southern Colorado over the weekend will begin to shut for the...

Most Popular

Top Videos

1 2 3 4