Categories

California’s Harris Seen as Doing Better Than Madoff Creditors

California Attorney General Kamala Harris may have a better chance of winning the right to pursue her lawsuit to recoup illegal profit from Bernard Madoff’s fraud than creditors who were overridden by a bankruptcy trustee, lawyers said. Irving Picard, the bankruptcy trustee liquidating Madoff’s assets to recover funds for the con man’s investors, won a court ruling in another case giving his lawsuit priority over one by Madoff creditors. Picard is now trying to block Harris’s $270 million state enforcement action against investment adviser Stanley Chais’s estate, saying that under U.S. bankruptcy law he alone can take money stolen from Madoff customers. More on Bloomberg here.

Share This Page:
  • email
  • Facebook
  • Twitter
  • LinkedIn