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July 31, 2009

Philanthropists in Madoff Case Respond to Allegations

The businessman and philanthropist Jeffry M. Picower and his wife, Barbara, have filed a 68-page response in court denying allegations that they bear some responsibility for the investment scandal involving Bernard Madoff, The Wall Street Journal reports.

William Zabel, a lawyer for the Picowers, said in a statement Friday that his clients “are honorable people who were deceived” by Mr. Madoff, the paper reports. He said the lawsuit against them was “riddled with significant factual errors,” and that his clients were to close their foundation as a result of their financial losses.

For more on the lawsuit and efforts by the trustee in the Madoff case to seek the return of lost investment money, read The Chronicle’s coverage.

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