Irving Picard, the trustee, has approved $17.3 billion in claims for Madoff investors, and so far has recovered $8.7 billion, the majority from a single settlement. Although it could take years, his legal team still expects investors who lost all or much of their life savings through Madoff to see big recoveries from banks and other investors that may have aided or benefited improperly from the Ponzischeme.
“Notwithstanding certain recent court decisions, the trustee remains confident that ultimately he can pursue his causes of action against defendants who acted in bad faith, resulting in recoveries that will hopefully fully satisfy the investors with valid claims,” David Sheehan, lead counsel for Picard, said in a telephone interview on Thursday.
‘Enforcement 40’ for 2020
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