Madoff Trustee Seeks Another Shot at Litigation

The official who is winding down Bernard Madoff’s investment firm wants another opportunity to sue defendants that benefited from his Ponzi scheme after two major district court rulings “substantially altered the legal landscape.” Trustee Irving Picard said two rulings handed down by the U.S. District Court in Manhattan earlier this year changed the burdens he must meet to recover money from certain institutions that profited from Mr. Madoff’s fraud. So he is seeking another chance for himself and his team of lawyers. More in the Wall Street Journal here.