LexisNexis® Legal Newsroom
Madoff’s Brother Agrees to $90M 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...

As Madoff Five Year Anniversary Approaches, Investors Denied Time-Based Damages

Two months from now will bring the five year anniversary of the unraveling of Bernie Madoff’s Ponzi scheme, one of the bookends, along with the collapse of Lehman Brothers ., of the extraordinary Fall of 2008 . To date, Trustee Irving Picard has recovered over $9.5 billion through litigation and...

Could JP Morgan Face Criminal Charges For Role in Madoff Ponzi Scheme?

In an unprecedented move, federal authorities are reportedly weighing the filing of criminal charges against financial behemoth JP Morgan for its role in Bernard Madoff's massive Ponzi scheme. According to the New York Times, both the Federal Bureau of Investigation and the U.S. Attorney's Office...

Madoff's Right-Hand Man: Scheme Was Obvious To Everyone

As the trial of five of Bernard Madoff's closest employees entered the seventh week, jurors heard testimony from the government's star witness, Madoff's former right-hand man, that Madoff's scheme was an obvious scam and that "it was virtually impossible not to know what was happening...

JPMorgan to Pay Record $1.7B to Settle Claims It Failed to Report Madoff Fraud

NEW YORK — (Mealey’s) JPMorgan Chase Bank NA has agreed to a civil forfeiture of a record $1.7 billion to settle claims that it violated provisions of the Bank Secrecy Act during its time as the primary bank for Bernard L. Madoff’s massive Ponzi scheme, according to information released...

Jury Convicts Former Madoff Employees Of All Charges

In the first trial to take place since Bernard Madoff's massive Ponzi scheme shocked the world more than five years ago, five former employees at Madoff's investment firm were convicted by a New York federal jury for their participation in Madoff's scheme. After nearly 3 days of deliberations...

If You Invested Less Than $925,000 With Bernard Madoff, You're Now Even

In an announcement from the court-appointed trustee overseeing recovery for victims of Bernard Madoff's massive Ponzi scheme, a proposed fourth distribution of approximately $350 million will resolve all claims from victims with an allowed claim of $925,000 or less. The trustee, Irving Picard, sought...

Feeder Funds to Pay Nearly $500M to Madoff Liquidation Trustee

NEW YORK — (Mealey’s) Two feeder funds of Bernard L. Madoff Investment Securities LLC (BLMIS) will pay nearly $500 million to settle all claims associated with their role in Madoff’s massive Ponzi scheme, according to court documents filed Monday in New York federal bankruptcy court...

Madoff Recoveries Top $10 Billion After $497 Million Settlement

The court-appointed trustee tasked with recovering assets for victims of Bernard Madoff's massive Ponzi scheme announced a $497 million settlement with two Cayman Islands hedge funds that brings the total amount recovered to approximately $10.3 billion . Irving Picard, the bankruptcy trustee for...

Court: Madoff Victims Can't Get Interest or Inflation on Losses

A New York federal appeals court sided with the court-appointed bankruptcy trustee for Bernard Madoff's massive Ponzi scheme in ruling that Madoff's victims were not entitled to have their losses upwardly adjusted for interest or inflation. The ruling by the Second Circuit Court of Appeals means...

Madoff Victims That Invested $1 Million or Less Will Soon Be Even

The court-appointed bankruptcy trustee overseeing the recovery of assets in Bernard Madoff's massive Ponzi scheme is seeking approval to distribute more than $1.25 billion to the notorious con man's victims - an effort that, if approved, will result in the full repayment of losses suffered by...

Supreme Court Deals $4 Billion Blow to Madoff Recovery Efforts

The Supreme Court refused to consider an appeal brought by the court-appointed bankruptcy responsible for recovering assets for Bernard Madoff's massive Ponzi scheme, instead leaving intact an appellate decision that prevents the recovery of "false profits" by Madoff profiteers beyond the...

Final Madoff Defendant Sentenced to Prison

Nearly 8 years after Bernard Madoff confessed to an FBI agent in his Manhattan apartment that he was running a giant Ponzi scheme, a New York federal judge sentenced the 15th and last remaining defendant to be charged for their role in Madoff's scheme to six months in prison. Irwin Lipkin, the first...

Supreme Court Rejects Time-Based Damages for Madoff Victims

The U.S. Supreme Court refused to hear an appeal over whether victims of Bernard Madoff's historic Ponzi scheme were entitled to an inflation-based upward adjustment of their losses, freeing approximately $1 billion for future distributions to victims and bringing finality to an appellate court's...

Madoff Victims Who Lost $1.1 Million or Less Will Soon Be Fully Repaid

The court-appointed bankruptcy trustee for Bernard Madoff's massive Ponzi scheme is seeking to make a sixth distribution to Madoff's defrauded victims that, if approved, would fully repay victims with losses of $1.1 million or less. Trustee Irving Picard has scheduled a hearing for November 18...

Jury Holds Ernst & Young Liable for Madoff Losses

A Washington jury has found accounting firm Ernst & Young ("E&Y") liable for at least $10 million of losses suffered by a Washington investment company that invested in Bernard Madoff's infamous Ponzi scheme through a "feeder fund" audited by the firm. FutureSelect Portfolio...

Jury Holds Ernst & Young Liable for Madoff Losses

A Washington jury has found accounting firm Ernst & Young ("E&Y") liable for at least $10 million of losses suffered by a Washington investment company that invested in Bernard Madoff's infamous Ponzi scheme through a "feeder fund" audited by the firm. FutureSelect Portfolio...