Former Milberg Weiss name partners Melvyn Weiss and David Bershad were sued by a bankruptcy trustee making recoveries for Bernard Madoff victims, while federal agents arrested two former employees of the notorious Ponzi schemer on Thursday morning.
Bloomberg reports that the trustee, Baker & Hostetler partner Irving Picard (pictured right), sued Weiss and Bershad over $20.4 million in false profits from Madoff’s $65 billion fraud. Picard states in a 51-page complaint filed against both lawyers in bankruptcy court in Manhattan on Wednesday that he filed the suits “to recover the fictitious profit amount so that this customer property can be equitably distributed among all the victims” of Madoff’s fraud.
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