N.Y. Judge Approves $7.2 Billion Deal Against Madoff Beneficiary

A historic $7.2 billion deal was approved Thursday to settle a lawsuit brought against the estate of one of the oldest and wealthiest clients of disgraced financier Bernard Madoff. ...

A historic $7.2 billion deal was approved Thursday to settle a lawsuit brought against the estate of one of the oldest and wealthiest clients of disgraced financier Bernard Madoff.

U.S. Bankruptcy Judge Burton Lifland signed off on the deal at the urging of a court-appointed trustee seeking to recover funds for thousands of investors burned by Madoff's epic Ponzi scheme.

"This is a unique and great day for customers of (Madoff's firm)," trustee attorney David Sheehan said Thursday at a hearing in federal bankruptcy court.

Lawyers representing a handful of former Madoff customers opposing the settlement signaled they will appeal — a move the judge warned could further harm wiped-out victims waiting to recover at least a portion of their life savings.

"You must take into account the effect of these delays," he said.

Trustee Irving Picard and federal authorities reached the settlement last month with the estate of Jeffry Picower, a businessman and philanthropist who drowned in 2009 after suffering a heart attack in the swimming pool of his Palm Beach, Fla., mansion. Federal prosecutors have called the forfeiture the largest in Justice Department history.

Picard had sued Picower in a so-called clawback litigation, alleging his earnings from Madoff consisted of money stolen from other investors. However, Picower's widow, Barbara, has insisted he was in the dark about the fraud and he was never charged with a crime.

The $7.2 billion represents "every cent Picower ever received" from the fraud, Sheehan told the judge.

Sheehan said settlement negotiations were contentious and complicated by Picower's death. But in the end, he said, Barbara Picower did the right thing for the victims.

"She stepped up and stepped up big time," he said.

Madoff, 72, is serving a 150-year prison term after admitting that for decades he used fraudulent account statements to trick investors into believing they had more than $60 billion invested in stocks. Investigators found, though, that no investments were made, and that an estimated $20 billion in principal was simply being paid out bit by bit to other investors.

Authorities have said the Picower deal, combined with smaller seizures and settlements, means that half of the $20 billion has now been recovered and could be returned to victims. But it's unclear who will end up benefiting and when: Picard has authorized payments to fewer than 2,400 of the nearly 16,500 Madoff customers who filed a claim for a share of recovered money.

Some investors who can't qualify for the trustee payments — either because they invested indirectly with Madoff or withdrew more than they originally invested — had objected to the Picower settlement, arguing that it dries up funds they had a right to recover.

Lawyers for the opponents also complained about a provision barring Madoff clients from pursuing their own lawsuits against the Picower estate.

Attorney Helen Chaitman alleged that Picower, like Madoff, is guilty of "heinous crimes" and should be held liable.

Sheehan argued that additional suits were unnecessary since the trustee is working on behalf of all former customers.

Picard "is the uber-customer," Sheehan said. "He represents every one of them."

In Other News

fake money

Keywords clouds text link http://alonhatro.com

Dịch vụ seo, Dịch vụ seo nhanh , Thiết kế website ,  máy sấy   thịt bò mỹ  thành lập doanh nghiệp
Visunhomegương trang trí  nội thất  cửa kính cường lực  Vinhomes Grand Park  lắp camera Song Phát thiết kế nhà thegioinhaxuong.net/

Our PBN System:  thiết kế nhà xưởng thiết kế nội thất thiết kế nhà tem chống giả https://thegioiapple.net/

aviatorsgame.com ban nhạcconfirmationbiased.com 
radiantcitymovie.comeatatdistrict.com
chaletedelweiss.useve-razor.com
occastudios.commoscasenlasopa.net
skaratoken.comshowdx.com
thelettersmovie.comheritage-gifts.com
singstreetmovie.comdeadaccountsonbroadway.com
moscasenlasopa.netratchasima.net
eatatdistrict.comthe-movie-trailer.com 
theboroughraleigh.comradio-electronics.co
mariankihogo.com  ốp lưngGiường ngủ triệu gia  Ku bet ku casino

https://maysayhaitan.com/  https://dovevn.com/ buy fake money https://sgnexpress.vn/ máy sấy buồn sấy lạnh

mặt nạ  mặt nạ ngủ  Mặt nạ môi mặt nạ bùn mặt nạ kem mặt nạ bột mặt nạ tẩy tế bào chết  mặt nạ đất sét mặt nạ giấy mặt nạ dưỡng mặt nạ đắp mặt  mặt nạ trị mụn
mặt nạ tế bào gốc mặt nạ trị nám tem chống giả

https://galaxymedia.vn/  công ty tổ chức sự kiện tổ chức sự kiện
Ku bet ku casino
Sâm tươi hàn quốc trần thạch cao trần thạch cao đẹp

suất ăn công nghiệpcung cấp suất ăn công nghiệp

https://docs-cashshop.com/
https://galaxymedia.vn/dich-vu-to-chuc-su-kien-la-gi-quy-trinh-to-chuc-su-kien-nhu-the-nao-id3108.html

© 2020 US News. All Rights Reserved.