Thursday, 18 December 2014
Last updated 17 hours ago
Aug 27 2013 | 10:37am ET
Another Bernard Madoff feeder fund has settled with the court-appointed trustee seeking to recover money for the arch-fraudster’s victims.
Maxam Capital Management’s Absolute Return Fund will pay $97.8 million into Irving Picard’s restitution fund, according to a court filing yesterday. The deal will allow it to file a claim for nearly $276.7 million from the Madoff estate.
A federal judge must still approve the deal, which resolves a three-year-old lawsuit and would add to “eventual distribution to defrauded Madoff customers with allowed claims.”
Picard had accused Maxam of being in a “unique position to obtain information concerning” Madoff’s operations—Maxam founder Sandra Manzke is a former CEO of Tremont Capital Management, which lost $3.1 billion in the fraud and settled with Picard for more than $1 billion—citing her long-time ties to Madoff.
Maxam had more than $300 million invested with Madoff at the time of his arrest, in 2008.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.