New York Divorce Settlement May Be Set Aside- Mutual Mistake that Money "Invested" With Madoff
I previously wrote about a lawyer who was attempting to re-open his divorce settlement because, he claimed, there was a mutual mistake - he retained money invested with Madoff in lieu of other assets retained by his wife. Of course, the assets invested with Madoff proved to be worthless. At that time, I opined (and the trial court agreed) that divorce settlement should not be opened. I wrote: Had the wife participated with Madoff in the fraud or had knowledge of the wrong-doing, the husband might have a case. But, the husband simply made an unfortunate choice and, through no...
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Madoff Loss Jeopardizes Divorce Settlement
To the list of things Bernard L. Madoff has been blamed for ruining — retirements, lives, reputations — add another: a clean breakup.” The New York Times is reporting that a husband (a lawyer), who, entered into a settlement agreement distributing marital assets, which included an investment in Madoff’s hedge fund, is seeking contribution from his ex wife for the post-divorce losses sustained in the Ponzi scheme. Rather than splitting an investment in the Madoff hedge fund, the husband gave the wife $2.7 million in cash and held onto the account. Of course, the account is now worthless. The husband...
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