Friday, 27 May 2016
Last updated 6 hours ago
Mar 18 2009 | 3:20am ET
One small country is moving to keep its investment industry from becoming another casualty of the Bernard Madoff scandal.
Luc Frieden, Luxembourg’s treasury minister, said yesterday that he hopes the “dozens” of lawsuits stemming from Madoff’s fraud filed in the Grand Duchy can be settled out of court. Some 17 funds domiciled in Luxembourg have suspended redemptions due to Madoff-linked losses.
“I urge an extra-judicial settlement in these cases,” Frieden said at a conference. “As long as this goes on it will be bad for the whole industry.”
“I will not allow mistakes of some to damage the industry overall.”
Madoff pleaded guilty last week to defrauding investors; he faces as much as 150 years in prison. He is accused of ripping investors off to the tune of more than $50 billion in the largest Ponzi scheme in history.