UBP To Pay $470M-Plus To Avoid Madoff Litigation

Law360, New York (December 6, 2010, 7:04 PM EST) -- The trustee in charge of recovering assets for victims of Bernard L. Madoff's Ponzi scheme announced a nearly $500 million settlement Monday with Swiss bank Union Bancaire Privee UBP SA in what is the largest feeder fund cash settlement to date.

Baker & Hostetler LLP partner Irving H. Picard, appointed under the Securities Investor Protection Act as trustee for Bernard L. Madoff Investment Securities LLC, announced the $470 million agreement with UBP and related entity M-Invest Ltd. and said in a statement that the deal could...
To view the full article, register now.