New ‘Clawback’ Suits Seek More Than $200 Million From Madoff Investors

With the New York Mets situation out of the way, the trustee liquidating Bernard Madoff’s investment firm continues to pursue his “clawbacks” against less-publicized former Madoff clients, filing seven new lawsuits Thursday and Friday seeking a total of more than $200 million from banks and investment firms. In separate filings with the U.S. Bankruptcy Court in Manhattan, trustee Irving Picard sued investors in the Fairfield Sentry and Kingate Global funds, two British Virgin Islands “feeder funds” that funneled 95% or more of their clients’ money into Bernard L. Madoff Investment Securities LLC before the December 2008 discovery that Madoff’s firm was actually an epic Ponzi scheme. More on Fox Business News here.