Madoff Investors Sue - June 8, 2009
The trustee overseeing the liquidation of Bernard Madoff’s assets is being sued by some elderly investors who say the system used to pay claims against Madoff is unfair.
Six longtime investors had a combined life savings of $9 million dollars, but they may not get the compensation they feel they deserve because the investors technically spent more money than they had originally invested because they thought what they were spending was profit. Unfortunately there was no real profits so whether or not these people will get their savings back is officially up to the court system to decide.
Madoff, who is in jail is set to face trial on June 29 where he may face as much as 150 years.
