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Trustee for Madoff victims files 40 lawsuits

November 27, 2010 12:00:00 AM PST
The trustee working to recover money for the investors swindled by Bernie Madoff has filed 40 lawsuits in New York superior court.Of the suits, 22 of them are against relatives of Madoff and his wife. The others were filed against former employees.

The trustee, Irving H. Picard , is seeking about $69 million. Picard said the lawsuits were filed after discussions with the defendants and their attorneys collapsed.

Madoff is serving a 150-year sentence after confessing to a decades-long ponzi scheme.

An estimated $20 billion was lost, making it the largest investment fraud in U.S. history.

The Associated Press contributed to this report.