Will the Madoff sage never end? A judge ruled that Mark Madoff’s widow, Stephanie, and Andrew Madoff’s ex-wife, Deborah, can be sued for “unjust enrichment” in a lawsuit against Bernard Madoff’s family by the liquidator of his brokerage.
Madoff trustee Irving Picard in 2009 sued the Madoff family for $198 million, alleging they used the firm as a “family piggy bank.” U.S. Bankruptcy Judge Burton Lifland gave him permission to add the Madoff sons’ former wives as defendants, saying they could be sued for unjust enrichment though not for some earlier transfers, according to a court order filed in Manhattan bankruptcy court yesterday.
Stephanie Mack, Deborah Madoff and Susan Elkin, Mark Madoff’s first wife, received $115 million from the Madoff firm, Picard has alleged. He can’t make bankruptcy claims against the wives because his time to do so has run out, though he can try to recover smaller amounts received later of about $5.5 million, Lifland said in his order….
Read more at http://www.bloomberg.com/news/2012-04-04/madoff-sons-wives-can-be-sued-for-enrichment-judge-says-1-.html
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