Madoff Investors Who Gained May Face Lawsuits

Investors who entrusted their money to Bernard Madoff and actually made money may be in for some unwelcome news. According to the Wall Street Journal, the man in charge of recovering money for Madoff's victims is preparing to file a wave of new lawsuits aimed at wresting money away from investors who withdrew money from their Madoff accounts and made a profit.

Copyright © 2010 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

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.

Copyright © 2010 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.