Lawyers for Bernard Madoff's two sons are asking a bankruptcy judge to reject the latest bid by Irving Picard, the court-appointed trustee handling the bankruptcy of Madoff's firm, to sue the Madoff brothers over their alleged role in their father's Ponzi scheme, Dow Jones Daily Bankruptcy Review reported today. Defense lawyers for Mark and Andrew Madoff in filings with the U.S. Bankruptcy Court in New York blasted Picard's latest attempt to hold the brothers accountable for their father's misdeeds, noting that the trustee "was dealt a resounding defeat" in a similar lawsuit he pursued in the U.K. Amanda Remus, Picard's spokeswoman, said that the U.K. litigation "was a narrow action" brought by the liquidator of Madoff's international securities business and dealt with the brothers' liability related to specific transactions set up by their father. (Subscription required.)
http://bankruptcynews.dowjones.com/Article?an=DJFDBR0120140813ea8dmlsji…
Don’t miss Irving Picard’s keynote, “Tales from the Madoff Bankruptcy,” at ABI’s 34th Annual Midwestern Bankruptcy Institute on Oct. 16-17 in Kansas City, Mo. Click here to register: http://www.abiworld.org/MW14/index.htm