Andrew Madoff’s request to appeal a $198 million lawsuit by the liquidator of Bernard Madoff’s firm was “not warranted” and the case should go to trial, the trustee said. Trustee Irving Picard won a court ruling last month permitting him to pursue most claims in a 2009 lawsuit alleging that the Madoffs treated the now-defunct firm, Bernard L. Madoff Investment Securities LLC, as their “family piggy bank.” The con man’s son, Andrew, asked a district judge to allow an appeal, saying the suit would result in a “massive expansion of liability” for bank and corporate managers who might be blamed for wrongdoing they hadn’t detected. Read Bloomberg Businessweek report here.
