Sunday, 29 March 2015
Last updated 2 days ago
Mar 21 2013 | 12:23pm ET
The court-appointed trustee in the Bernard Madoff Ponzi scheme can't stop an $80 million deal between a feeder fund and its investors.
Irving Picard has no jurisdiction over investors in Fairfield Greenwich Group, the Madoff feeder fund, U.S. District Judge Victor Marrero ruled yesterday. Claims by feeder fund investors are "separate and distinct" from those made by Madoff's direct investors.
Fairfield Greenwich, one of the largest Madoff feeder funds, struck the $80 million deal with a group of its investors. Picard had warned that it could interfere with his efforts to recover assets for Madoff's other victims.
Picard two years ago struck a deal of his own with Fairfield Greenwich, in which the firm's liquidators agreed to give up $1 billion in claims against the Madoff estate.
Fairfield's settlement with its investors is set for final court approval tomorrow.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…