No joy for many Madoff victims, despite settlement - WDRB 41 Louisville News

No joy for many Madoff victims, despite settlement


NEW YORK (AP) -- Hundreds of people who invested money with Bernard Madoff have been sued in recent weeks over bogus profits they unknowingly collected from his scheme.

The demands are requiring some clients who were wiped out by the fraud to repay others who suffered similar losses.

The lawsuits have tempered news that other victims could be getting half their money back thanks to a $7.2 billion settlement with a Madoff associate.

Former client Richard Friedman, of Jericho, N.Y., saw his life savings erased, but recently learned that his 85-year-old mother was among the Madoff clients who have been asked to pay back money.

He says going after victims who are old, sick and impoverished is unfair.

Court trustee Irving Picard says he is willing to drop lawsuits against people who can show that they are in poor financial shape.

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