|Jewish groups sued over Madoff ponzi profits
Madoff trustee Irving Picard filing hundreds of lawsuits seeking to reclaim funds from groups alleged to have profited from their Madoff investments.
| December 5, 2010
Amid the hailstorm of lawsuits unveiled in the Bernard Madoff case this week are a score of filings seeking to reclaim funds from non-profit organizations and foundations alleged to have profited from their Madoff investments.
Hundreds of these so-called clawback lawsuits have been filed en masse by Madoff trustee Irving Picard in recent days. The trustee and his legal team are apparently aiming to file all suits before the December 11 deadline, which will mark two years since Madoff’s 2008 arrest.
Non-profit targets of the clawback suits include the America-Israel Cultural Foundation, a 70-year-old organization that gives scholarships to Israeli artists. The group was sued on December 2 for over $5 million of what the lawsuit claims are fictitious profits.