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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Not a Bloomberg Law Subscriber?
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]