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Ruth Madoff May Not Keep Her $2.5M For Long

Victims can still sue swindler's wife to recoup losses
By Kevin Spak,  Newser Staff
Posted Jul 2, 2009 11:05 AM CDT
Ruth Madoff May Not Keep Her $2.5M For Long
The building in midtown Manhattan in New York where Bernard Madoff and wife Ruth own a penthouse apartment is seen in this aerial view, March 22, 2009.   (AP Photo)

(Newser) – When she leaves her Manhattan penthouse, Ruth Madoff will have a mere $2.5 million to her name—and she might not have that for long either, Newsday reports. Madoff’s deal with the government—in which she’ll gives up more than $80 million in assets, keeping just the aforementioned cash—doesn’t prevent victims of the Ponzi scheme run by husband Bernard Madoff from suing her.

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One bankruptcy trustee said he’d sue Madoff family members “at the appropriate time.” The pension fund for the town of Fairfield, Conn., has already filed a suit. The attorney says town officials know Madoff’s deal with the feds deserves deference, “but $2.5 million is a lot of money.” But other lawyers believe that, since Madoff hasn’t been charged with a crime, there’s little basis for a case. (Read more Ruth Madoff stories.)

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