Trust Beneficiaries Sue Trustee For Investing With Madoff
- When Howard Squadron, a prominent Manhattan lawyer died, he left two life insurance policies to fund a trust for his wife and five kids.
- The trustee, Squadron’s wife, invested the life insurance proceeds in a single account with Bernard Madoff.
- Once worth $1.4 million, the trust account is now worthless.
- Two of the trust beneficiaries, one the trustee’s son and the other the trustee’s step-daughter, are now suing the trustee for failing to consider any other investment.
See Jose Martinez, Widow of bigshot NYC lawyer Howard Squadron sued by her stepkids for losing trust fund to Madoff, NY Daily News, March 23, 2010.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.
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Current Events and Trusts