Madoff trustee largely prevails in 233 lawsuits

A federal judge on Tuesday ruled largely in favor of the trustee seeking millions of dollars for Bernard Madoff’s victims in 233 lawsuits that sought to recoup alleged fictitious profits generated by the Ponzi schemer’s firm. In a 72-page decision, U.S. Bankruptcy Judge Stuart Bernstein in Manhattan said the trustee Irving Picard could try to claw back money that former customers he calls “net winners” withdrew from Bernard L. Madoff Investment Securities LLC in the two years prior to that firm’s December 2008 bankruptcy. Bernstein rejected the argument that clawbacks should be limited because only a few Madoff employees knew of the fraud. More on Reuters here.