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October 24, 2011

Madoff trustee, firm awarded another $45.3 mln

"Irving Picard, the trustee seeking money for victims of Bernard Madoff's fraud, and his law firm were awarded another $45.3 million of fees by the judge overseeing the liquidation of the imprisoned Ponzi schemer's investment advisory firm.

In an order made public on Friday, U.S. Bankruptcy Judge Burton Lifland in Manhattan awarded Baker & Hostetler $44.7 million and Picard $599,301 for their work in the four months ended May 31, a court filing shows."

* Madoff trustee, law firm paid $202.6 mln so far

* More litigation foreseen

* Trustee has recovered $8.7 bln, much tied up in lawsuits

Read more here.

October 24, 2011 in Current Affairs | Permalink

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