Lawyers For Madoff Victims' Trustee Back in Court
Thursday, November 10, 2011
Attorneys for the trustee who represents victims of Bernie Madoff head back to Manhattan federal court Thursday.
Irving Picard has sued about 5,000 Madoff investors who made money with the Ponzi schemer, hoping to get billions back in order to pay those who lost money.
Attorney Helen Davis Chaitman represents hundreds of these victims, including elderly people living off Individual Retirement Accounts, or IRAs.
"I have people who are 90-years old who are being sued by Mr. Picard to pay back the last six years mandatory IRA withdrawals they took from their IRA accounts," she said.
Madoff victims are hiding behind a veil of being an innocent investor, according to the trustee's suit. Oral arguments will be heard in the case Thursday afternoon before federal judge Jed Rakoff.
With reporting by Janet Babin