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Madoff Bankruptcy Trustee Secures Largest Feeder-Fund Bank Settlement

NEW YORK - (Mealey's) The trustee of the bankruptcy estate of convicted multibillion-dollar Ponzi scheme mastermind Bernard L. Madoff secured a nearly $500 million settlement with a feeder fund of Madoff's investment firm, according to documents made available Dec. 7 in a New York federal bankruptcy...

$550M Settlement For Family Secured By Madoff Trustee

NEW YORK -- (Mealey's) The bankruptcy trustee for the investment company once run by convicted Ponzi scheme operator Bernard L. Madoff has secured $550 million in a settlement with the family of one of Madoff's earliest investors, according to a motion for entry of order filed Dec. 8 in a New...

Law Firm To Pay $25 Million To Settle Nadel Ponzi Charges

TAMPA, Fla. - (Mealey's) A federal judge in Florida on Aug. 29 approved Holland & Knight LLP's agreement to pay $25 million to settle charges brought by the Securities and Exchange Commission that it helped hedge fund manager Arthur Nadel conduct a $168 million Ponzi scheme ( Securities and...

Gibraltar Pays $65 Million To Settle Rothstein Ponzi Claims

FORT LAUDERDALE, Fla. - (Mealey's) The trustee for a bankrupt feeder fund and the trustee of convicted Ponzi schemer Scott W. Rothstein's law firm have agreed to an amended $65 million settlement with Gibraltar Private Bank and Trust Co., a bank Rothstein is alleged to have used in his scam,...

Feeder Funds To Pay Nearly $220 Million To Settle Madoff Ponzi Scheme Fraud Claims

NEW YORK - (Mealey's) Four Bernard L. Madoff Investment Securities LLC feeder funds and several of their current and former owners and officers have agreed to pay nearly $220 million to settle claims that they breached their fiduciary duties under the Employee Retirement Income Security Act by "recommending...

Madoff's Brother Agrees To $90 Million Settlement In Trustee Lawsuit

NEW YORK - (Mealey's) The brother of convicted Ponzi scheme mastermind Bernard L. Madoff has agreed to pay more than $90 million to settle claims that he participated in his brother's massive Ponzi scheme but could escape any payment under a consent order filed Feb. 6 in a New York federal bankruptcy...

2nd Circuit: Madoff Trustee Cannot Sue Banks On Behalf Of Customers

NEW YORK - (Mealey's) The Second Circuit U.S. Court of Appeals on June 20 affirmed a district court's ruling that Bernard L. Madoff Investment Securities LLC (BMLIS) trustee Irving H. Picard cannot sue JPMorgan Chase & Co., HSBC Holdings PLC, UBS AG and UniCredit SpA for the banks' alleged...