Madoff Trustee Claws Back $1 Million Plus Interest From Fund

The trustee overseeing the recovery of money for victims of Bernie Madoff’s Ponzi scheme is entitled to roughly $1 million plus more than $500,000 in interest from a family-based investment fund, a federal judge ruled.

The Zieses Investment Partnership and its general partners made arguments that have largely been rejected in nearly identical cases, Judge Vernon S. Broderick said Thursday for the US District Court for the Southern District of New York. Broderick’s summary judgment ruling means trustee Irving Picard won’t have to undertake a jury trial to establish the partnership’s liability.

The interest would be at a rate of ...