Tags: koch | madoff

Koch Brothers Seek New Judge for Madoff Suit

Monday, 02 Apr 2012 05:36 PM

 

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Koch Industries Inc., the company run by billionaire brothers Charles and David Koch, asked a district judge to review a $21.5 million lawsuit filed against it by the liquidator of Bernard Madoff’s firm.

Madoff trustee Irving Picard sued the company in bankruptcy court in February demanding return of money withdrawn from a feeder fund that invested with Madoff. His suit is similar to Picard’s complaint against the New York Mets owners, which was taken over by U.S. District Judge Jed Rakoff to decide such issues as whether the trustee can recoup money from parties that acted in good faith, Koch Industries said in a filing Monday in U.S. Bankruptcy Court in Manhattan.

One of the largest closely held companies in the world, Koch Industries has businesses in chemicals, refining, consumer products and commodities trading. Charles Koch is chairman and chief executive officer of the company, and David Koch is an executive vice president.

Madoff is serving 150 years in federal prison for running the biggest Ponzi scheme in U.S. history.

The case is Picard v. Koch Industries Inc., 12-01047, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

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