Madoff clawbacks would be history. Thomson/Reuters writes: Judge Rakoff's 18-page ruling could completely upend the Madoff bankruptcy. Among the big-name Madoff investors who would be off Picard's hook completely if Rakoff's ruling stands is former Securities and Exchange Commission general counsel David Becker, who's in hot water for allegedly failing to alert SEC commissioners of a potential conflict of interest stemming from his parents' long-closed Madoff account. Picard had filed a clawback suit against Becker, who inherited money after his parents' account was liquidated in 2002; Rakoff's ruling would wipe out Picard's suit.
Other big winners from Rakoff's ruling could be Madoff's surviving children, who would still face a $58.7 million clawback claim for their two-year withdrawals but not claims on another $83.3 million they withdrew between 2002 and 2006, according to Picard's 2009 complaint. Bank Medici founder Sonja Kohn's clawback exposure would be reduced from $38.8 million to $11.2 million. Madoff's early alleged enablers Frank Avellino and Michael Bienes would be looking at $17.2 million in clawback claims, not $56 million….
http://newsandinsight.thomsonreuters.com/Legal/News/ViewNews.aspx?id=28966&terms=%40ReutersTopicCodes+CONTAINS+'ANV'
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