Fairfield Secures Madoff Assets
The pension fund lawyers secured $25 million in escrow
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Attorneys for Fairfield said they obtained court orders securing $25 million in assets belonging to defendants and that the liens would make it easier to collect on an award if the town wins the lawsuit.
If the town of Fairfield wins its lawsuit related to the Bernard Madoff scandal, they could get their hands on at least $25 million of the millions they said they lost in the multi-million dollar Ponzi scheme.
Attorneys for the town said they obtained court orders securing that much in assets belonging to defendants and that the liens would make it easier to collect on an award if the town wins the lawsuit.
That just leaves $50 million more to get to the $75 million that Fairfield and its pension board are suing for.
Defendants whose assets were attached include Madoff's two sons and brother. They also include Walter Noel of Fairfield Greenwich Group, which lost more than $7 billion in the scheme.
An attorney for Noel declined to comment Monday.
H. James Pickerstein, an attorney for Madoff's brother, Peter, confirmed his property was attached for $2.5 million, but declined further comment.
Copyright Associated Press
Posted Sunday, Jul 19, 2009 - 10:37 PM EST
