Lawyers’ Strategy In Madoff Case Only Works for the Lawyers

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The good news is me and my fellow sharks got $884 million from Madoff suits, the bad news is I get $554 million of it. ~ Irving Picard (only kidding, he didn’t say that).

Lawyer Irving Picard, trustee for liquidating the Madoff firm, planned to find $65 billion to pay off Madoff investors but has come up with $2.6 billion. He has only paid back $330 million and has kept $2.3 billion in customer accounts. Court challenges are holding up another $6.4 billion but who knows what will be left out of that amount, if anything, once the lawyers and courts are done.

The costs for all this have been $554 million, more than what customers have been awarded. The $100 billion Picard hoped to win has not worked out. $90 billion has been thrown out by the courts.

Another law firm is fighting over the right to represent their clients.

After what this firm put the NY METS through, shouldn’t someone investigate them?

Yahoo Finance

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