Madoff Family Sued for $69 Million

And so the long, complicated process of taking back money from Bernie Madoff continues. A federal bankruptcy court-appointed trustee, Irving H. Picard, this week filed 40 lawsuits seeking $69 million against people who invested with Madoff and withdrew more money than they put in to his Ponzi scheme. Heading the list of relatives, employees, and their families is Madoff’s wife, Ruth, and Marion Madoff, the wife of his brother, Peter. These are only the latest in a series of “clawback suits,” which are trying to recover as much as $17.5 billion for the victims of the fraud. Picard already launched a series of suits in late 2009. Madoff, 72, is currently serving 150 years in prison.