Madoff family about to be hit by lawsuits


If investors can't get their money back from Bernie Madoff, who is sitting in jail, why not go after the rest of the family and see what they have in their bank accounts? Several media reports say that the court-appointed trustee in the case, Irving Picard, will sue Madoff's brother, niece, and two sons for $198 million.

The first report of the suits came during an interview on 60 Minutes. The suit will allege that the family members breached their fiduciary responsibilities. The suit presupposes that the people being sued should have known about the scheme. Their defense will almost certainly be that they had no idea what was going on.