In a recent article on Yahoo, Madoff trustee: Lawsuits delay money for victims, Jonathan Stempel writes about the current status of Madoff victims' recovery.
Stempel writes that although the trustee seeking money for Madoff's victims hopes to begin distributing money to the victims "in the near future," lawsuits challenging this effort have caused delays.
The trustee, Irving Picard, has won $9.8 billion in recoveries from the Madoff fraud. In addition, Picard claims to have filed more than 1,000 lawsuits in 30 countries to recover $100 billion. He is hopeful that he will be able to recover "a majority of what [he] is seeking." But a lawyer for about 500 of the victims, Helen Chaitman, says that Picard is treating some investors unfairly. Likewise, some investors are challenging the manner in which their claims should be repaid. This issue is before a federal court of appeals.
Posted by Kyle Petit, Associate Editor, Wealth Strategies Journal.
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