New lawsuits to recover funds from investors suffered from Ponzi scheme, Picard

As it has become known, the court-appointed trustee overseeing the liquidation of Bernard Madoff's investment company, Irving Picard, is going to file new lawsuits to recover funds from investors who suffered from the Ponzi scheme. 

Picard promised to end up suing about half the estimated 2,000 individual investors, he has called "net winners", from their dealings with Madoff. "net winners" are the investors who withdrew more money from Madoff's firm than the amount of principal they invested.

Last week, on July 21, Picard demanded more than $3.6 billion in damages in an expanded lawsuit against a hedge fund firm and individuals whom he said had helped Madoff run a massive Ponzi scheme.

Besides, Picard announced he had recovered more than $1.5 billion of assets for Madoff victims through March 31.