Burned retirees sue Madoff trustee over claims
Lawyer Blogs
Some elderly investors have sued the trustee overseeing the liquidation of Bernard Madoff's assets, saying the system being used to pay claims against the disgraced financier is unfair.
The lawsuit filed in bankruptcy court Friday in Manhattan said six longtime investors wiped out by the scandal together lost life savings of $9 million — the amount on fictitious statements issued by Madoff's defunct firm in 2008.
It challenges rules that could disqualify the plaintiffs from collecting up to $500,000 in government-backed compensation because over the years they withdrew more money — believing it was profit — than they originally invested.
By law, trustee Irving Picard has an obligation "to protect a customer's legitimate expectations of what the broker held in his account — even if the broker never purchased any securities in the first place," the suit argues.
Among the plaintiffs named in the suit filed last week: a 73-year-old New Jersey widow who's been forced to take a part-time job at Macy's to cover basic living expenses; a 76-year-old California man who had to sell his home and move in with his daughter; and an 88-year-old Manhattan woman who lives with her ailing husband of 69 years and has stopped paying medical bills because they need the money for food.
Related listings
-
Appeals court to hear argument vs. Chrysler sale
Lawyer Blogs 06/05/2009The decision on whether Chrysler can sell the bulk of its assets to a group led by Italy's Fiat as part of its plan to emerge from bankruptcy protection heads to a federal appeals court Friday. The 2nd U.S. Circuit Court of Appeals is to hear argumen...
-
Federal judge tosses warrantless wiretap cases
Lawyer Blogs 06/04/2009A federal judge on Wednesday tossed out more than three dozen lawsuits filed against the nation's telecommunications companies for allegedly taking part in the government's e-mail and telephone eavesdropping program that was done without court approv...
-
Appeals court to hear appeal of Chrysler sale
Lawyer Blogs 06/03/2009A federal appeals court late Tuesday halted Chrysler's sale of the bulk of its assets to Italy's Fiat pending an appeal by a trio of Indiana state pension and construction funds. The U.S. Court of Appeals for the Second Circuit will hear arguments in...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.