Crisis Legal NewsClick here to add this website to your favorites
Crisis News Search >>>

A man who made billions of dollars off Bernard Madoff's Ponzi scheme signed a will leaving the bulk of his fortune to charity, but the gift's ultimate size may depend on legal wrangling over how much of the money rightfully belongs to cheated victims.

Jeffry Picower, 67, a prominent philanthropist, drowned after suffering a heart attack in the swimming pool of his Palm Beach, Fla., mansion on Oct. 25.

Unlike some other Madoff investors, he died a rich man. The trustee unraveling Madoff's financial web said Picower withdrew some $7 billion from his Madoff accounts over the decades — well more than he invested.

That money is now known to have been stolen from other people, and Picower's widow said in a statement this week that the family wished to return some of it through "a fair and generous settlement" that might help overcome some of the "devastation" wrought on Madoff's victims.

The exact amount of that settlement is still unknown.

Madoff trustee Irving Picard has sued claiming victims are entitled to get back all $7 billion. The family has argued that under New York law, it should only have to return bogus profits they earned in the past six years, or around $2.4 billion.

© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
Santa Ana Workers' Compensation Lawyers
Car Accidents Attorneys
New Rochelle Personal Injury
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
CPA Accounting Web Design
Finanace Office Web Designs
Lorain Elyria Divorce Lawyer
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer