BREAKING NEWS

Trustee for Madoff victims files 40 lawsuits in NY

By ASSOCIATED PRESS

NOVEMBER 27, 2010 07:19

NEW YORK — The trustee working to recover money for victims fleeced by Bernard Madoff says he has filed 40 lawsuits in Manhattan federal court against former employees of the disgraced financier's company and his relatives.

Eighteen lawsuits were filed against former employees of Bernard L. Madoff Investment Securities LLC.

Picard says his firm is seeking about $69 million in funds deposited by the company's customers and stolen in the 72-year-old's vast pyramid scheme.

Madoff is serving a 150-year sentence after confessing to the decades-long scheme. An estimated $20 billion was lost, making it the biggest investment fraud in US history.

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