From: FindLaw News - Top Stories
Andrews Publications - A group of retirees swindled by Bernard
Madoff has filed a class-action suit alleging the trustee
liquidating the financial fraudsters firm engaged in improper and
unfair claim calculation....
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‘Multibillion Dollar’ Settlement Coming To Madoff Creditors From Picower Estate?
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Reports suggest that the estate of Jeffry Picower, who was one of
Bernard Madoff’s major investors, is prepared to settle
claims by paying $2 billion to the Madoff trustee, for distribution
to creditors. Not quite the $7.2 billion the trustee was
seeking, but apparently it’s equal to the amount that Picower
took out of his accounts with Madoff in the six year
“fraudulent transfer” period preceding the Madoff
bankruptcy filing. Articles on this are available online at
http://dealbook.blogs.nytimes.com/2010/05/04/investors-estate-to-pay-madoff-victims-2-billion/?src=busln
and http://online.wsj.com/article/SB10001424052748704342604...
Fees for Madoff trustee's law firm top $50 million
A law firm employing the trustee winding down Bernard Madoff's
investment firm has won court approval to be paid $20.3 million of
additional fees, pushing its total to $50.9 million for 13-1/2
months of work.In an order made public on Thursday, U.S. Bankruptcy
Judge Burton Lifland in Manhattan authorized the additional payment
to Baker & Hostetler LLP, plus reimbursement of $390,200 of
expenses, covering the Oct. 1, 2009 to Jan. 31, 2010 period.Baker
& Hostetler has been awarded $59.8 million of fees overall, but
is deferring 15 percent, or $9 million, until the liquidation of
Bernard L. Madoff Investment Securities LLC is complete, court
records show.Irving Picard, the court-appointed trustee and a Baker
& Hostetler partner, has been trying to recover assets for
victims of Mad...
Madoff Judge Awards Another $25 Million in Fees
A New York bankruptcy judge has awarded trustee Irving H. Picard
and his team of lawyers liquidating Bernard L. Madoff's investment
firm some $24.6 million in interim counsel fees. Judge Burton
Lifland on Thursday awarded about $672,000 in fees to Picard and
$23.9 million in fees to Baker & Hostetler for Oct. 1 through
Jan. 31. All told, Lifland has awarded Picard and his attorneys
about $62 million in fees.
NY suit seeks $30 million in Madoff family money
The court-appointed trustee seeking to recover billions of dollars
lost by jailed financier Bernard Madoff sued three entities
Thursday to get back more than $30 million that he said the Madoff
family had invested, mostly in oil and gas properties and
technology companies.The three lawsuits filed in U.S. Bankruptcy
Court in Manhattan by Irving Picard are a follow-up to a lawsuit he
filed in November seeking nearly $200 million from family members
who he said lived lavishly while using the family finance business
like a "piggy bank."Picard wrote sarcastically in the latest
lawsuits that Madoff was "quite generous" with the money he stole
from thousands of customers in history's largest Ponzi
scheme."Foremost among the recipients of Madoff's gifts of customer
funds were his closest family me...
Federal Lawsuits Seek $30 Million in Madoff Family Money
The court-appointed trustee seeking to recover billions of dollars
lost by jailed financier Bernard Madoff has sued three entities to
get back more than $30 million that he said the Madoff family had
invested, mostly in oil and gas properties and tech companies. The
lawsuits filed in U.S. Bankruptcy Court in Manhattan by Irving
Picard are a follow-up to a lawsuit he filed in November seeking
nearly $200 million from family members who he said lived lavishly
while using the family finance business like a "piggy bank."
