Judge trims Madoff trustee's profit clawback suits

Judge trims Madoff trustee's profit clawback suits: "May 1 (Reuters) - A judge ruled that a trustee may try to claw back fictitious profits only from the last two years before the epic Madoff fraud was disclosed in December 2008, a ruling likely to affect claims against hundreds of former customers of Bernard Madoff.

U.S. District Judge Jed Rakoff made a similar ruling last year when he reduced trustee Irving Picard's claims in a lawsuit against the principal owners of the New York Mets Major League Baseball team. Owners Fred Wilpon and Saul Katz agreed to settle the litigation, but it has yet to be approved by Rakoff."

'via Blog this'