Madoff Investors Who Gained May Face Lawsuits
RENEE MONTAGNE, host:
NPR's business news starts with an early jump on Wall Street.
U.S. stock opened higher today, boosted a bit by positive words from FedEx. The delivery company this morning raised its earnings outlook. FedEx is expecting more demand for its services. In Europe, meanwhile, markets are mostly flat or slightly higher, where there's been some positive economic news of late. And investors are also relieved that the European bank's stress tests are out of the way. The tests were assessing how well banks would weather another downturn. And results that came out last Friday showed that most banks passed.
DON GONYEA, host:
Investors who entrusted their money to Bernard Madoff, then actually made money, may be in for some unwelcome news. According to the Wall Street Journal, the man working on behalf of Madoff's victims is preparing to file a wave of new lawsuits. They're aimed at wrestling money away from investors who withdrew money from their Madoff accounts, and made a profit.
Irving Picard is the trustee in charge of distributing funds. And he told the Journal that these people, quote, have made money at the expense of the people who didn't.