Luxembourg Pushes For Madoff Settlements

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.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...