Friday, 19 September 2014
Last updated 1 hour ago
Feb 15 2013 | 2:59am ET
Victims of the Bernard Madoff Ponzi scheme will get another $505 million back next month under a plan submitted by the trustee for the fraudster's business.
Receiver Irving Picard said this week that he would seek court permission to distribute the funds, which would bring to more than $5.4 billion the total recoveries paid to Madoff victims. Picard has recovered more than $9 billion, but nearly $4 billion of that is being held in reserve.
Most of the new distribution, the third Picard has made, comes from a $1 billion settlement escrow that expired last week.
A court will decide on Picard's application on March 13, with the money distributed as of March 22.
The distribution means that some 43% of approved claims will have been paid.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.