Irving picard, the court-appointed trustee overseeing the Madoff estate's bankruptcy, has earned his year-end break. December 11th, the second anniversary of Bernie Madoff's arrest for perpetrating the largest financial fraud in history, was also the deadline for lawsuits to help recoup investors' losses. Mr Picard has been furiously busy, firing off dozens of lawsuits seeking a total of around $50 billion for investors who lost money in Mr Madoff's Ponzi scheme. Mr Picard's deep-pocketed targets include some of Wall Street's top brass, among them JPMorgan Chase, ubs, hsbc, Citigroup and Merrill Lynch (now part of Bank of America). The lawsuits charge them with either failing to spot the fraud or, in some cases, knowingly facilitating it.
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