BUSINESS
05/10/2009 05:12 am ET | Updated May 25, 2011

Madoff "Clawback": Trustee Seeks $150 Million

NEW YORK (Reuters) -- The trustee liquidating Bernard Madoff's brokerage filed a lawsuit on Thursday seeking the return of $150 million that the firm transferred to an offshore investor in October, saying the money should be used to reimburse other customers of the jailed swindler.

The lawsuit signals that the trustee, Irving Picard, is ramping up efforts to use bankruptcy law to try to "claw back" funds withdrawn by some Madoff clients that he contends should be returned and used to help compensate other customers.

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