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

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

NEW YORK - 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 (ERISA), 29 U.S.C.S. § 1001 et seq., by "recommending, making and maintaining investments with" BLMIS and losing hundreds of millions of dollars of investor monies in the process, according to a press release issued by the U.S. Department of Labor on Nov. 13 (In re: Beacon Associates Litigation, No. 09-0777, S.D. N.Y.).

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