Tuesday, 1 December 2015
Last updated 19 hours ago
Jan 8 2014 | 10:45am ET
Yesterday's settlement with JPMorgan Chase has pushed the amount recovered from the Bernard Madoff Ponzi scheme by its court-appointed receiver above $10 billion.
Irving Picard will collect $543 million of the roughly $2.7 billion JPMorgan agreed to pay to settle allegations that it failed to notify authorities about concerns about Madoff's operations. Picard had been seeking $1 billion from the bank, which served as Madoff's primary bank for decades.
"This compromise with JPMorgan allows us to sidestep those pitfalls with recovering additional, significant monies," Picard's top lawyer, David Sheehan, said.
The recovery, which will be made available to victims following a judge's approval, means that Picard has recovered more than $10 billion of the roughly $17.5 billion investors lost when Madoff's fraud collapsed five years ago. Investors also have access to a $2.35 billion fund not overseen by Picard.
Picard is still seeking about $3.5 billion from three other banks. Much of the other proceeds from yesterday's deal with federal prosecutors and regulators is also expected to wind up in the hands of Madoff victims.
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…