Friday, 27 November 2015
Last updated 3 hours 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…