May 21, 2009
Foundation Embroiled in Madoff Scandal Is Target of $5.1-Billion Lawsuit
The Picower Foundation, one of the nation's largest foundations until it collapsed in December as part of the Bernard Madoff investment scandal, and its founders have been sued by the trustee who is overseeing the liquidation of the Madoff investment firm.
The trustee, Irving Picard, is seeking the return of $5.1-billion — the amount that was withdrawn by Jeffry and Barbara Picower and their foundation in excess of what they had invested.
The lawsuit may intensify
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