Flurry of 'Clawback' Suits Filed by Trustee in Madoff Case

Posted on December 7, 2010

A flurry of December lawsuits filed by the trustee in the Bernie Madoff case include attempts to reclaim funds from more than twenty Jewish groups alleged to have profited from their investments with the disgraced financier, the Jewish Daily Forward reports.

In an apparent attempt to beat a December 11 deadline, the two-year anniversary of Madoff's arrest, trustee Irving Picard and his legal team have filed so-called "clawback" suits against hundreds of nonprofits, including the America-Israel Cultural Foundation in New York City, the Jerusalem-based American Committee for Shaare Zedek Medical Center, the Joseph Persky Foundation, the Miles and Shirley Fiterman Charitable Foundation, and the Melvin B. Nessel Foundation. To date, a suit has not been filed against Hadassah, which publically stated that it profited from its Madoff investments.

None of the foundations and charities sued was alleged to have been aware that Madoff's operation was fraudulent.

“Jewish Groups Sued in Effort To Recoup Fraudulent Madoff Profits.” Jewish Daily Forward 12/02/10.

Primary Subject: Philanthropy and Voluntarism
Location(s): Israel, Jerusalem, National, New York City

FC015677

Related Links
•	Madoff Ruling Could Mean Boston Investor May Have to Return Profits (3/03/10)
•	Madoff Trustee Says Shapiro Family Got $1 Billion in Fraudulent Profits (12/03/09)
•	Madoff Trustee Seeks Billions From Picower Estate (11/12/09)
•	Madoff Liquidator May 'Claw Back' Money From Nonprofits (9/02/09)

Receive news alerts every time we post news about:

Philanthropy and Voluntarism
To sign-up for News Alerts, please log in or register. It's fast and it's free!