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...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .