Tuesday, 23 September 2014
Last updated 11 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.
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.