Judge to Consider Suits Against ‘Innocent’ Madoff Investors
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A federal judge will consider whether he needs to review lawsuits brought by the trustee liquidating Bernard L. Madoff’s firm to recover funds from investors who didn’t know of Madoff’s fraud when they took their money out.
Helen Chaitman, a lawyer for some Madoff investors, on June 2 asked U.S. District Judge Jed Rakoff in Manhattan to review 108 so-called clawback actions against 313 parties. The suits violate investor protection and securities laws, she said. Rakoff accepted the case June 8, a court filing showed.