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In 2009, Bernard Madoff pleaded guilty to conducting an illegal Ponzi scheme. He is currently in federal prison, serving a 150-year sentence. Now, Irving Picard, the trustee for the case, has asked a judge to stop a $410 million settlement. This settlement will clear the case of a hedge fund manager who supposedly invested in the Ponzi scheme. Picard claims an exclusive right to recover money from the scheme for the victims, according to an August 1, 2012 Thomson Reuters news article.
This settlement was approved by a New York State judge and is one of the largest settlements to recover funds from Madoff’s scam. The trustee wants to collect over $500 million from this hedge fund manager instead of seeing the manager settle his part. The New York State Attorney General said that the manager put $2.4 billion into the Madoff scheme “recklessly.”
Picard has recovered around $9.14 billion for the victims of the Madoff Ponzi scheme so far. In total, though, the victims of the scheme lost around $20 billion. All of this has taken Picard’s law firm 134,431 hours of work. The firm has charged an average of $357.86 per hour. That puts the total fees at $321.2 million.
If you are considering bankruptcy, contact the law office of Jayson Lutzky. Mr. Lutzky has over 29 years of experience practicing law. To set up a free in-person consultation, call (800) 660-5299. You may also visit our website, www.BankruptcyNYC.com, for more information.