After recovering some $8 billion in ill-gotten gains, the bankruptcy trustee for victims of Bernie Madoff’s massive fraud may find clawing back nearly $20 billion more from the owners of the Mets, HSBC and JPMorgan Chase, among others, a much tougher task.
That’s because Picard may have to bring some of his claims against banks, feeder funds and investors who profited from the scam in US district court, rather than before a bankruptcy judge where he is on more familiar ground.
Read more: Trustee for Madoff victims faces tough road — New York Post
