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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of