Madoff Trustee, Feeder Funds Reach $24M Settlement

Law360, New York (December 4, 2012, 1:40 PM EST) -- A New York bankruptcy judge approved a $24 million settlement Tuesday between the liquidating trustee for Bernard Madoff's Ponzi scheme and a number of feeder fund defendants including Beacon Associates LLC and Andover Associates LLP.

U.S. Bankruptcy Judge Burton R. Lifland granted Bernard L. Madoff Investment Securities LLC trustee Irving H. Picard's motion for approval of the settlement, which represents a return of 100 percent of the defendants' withdrawals from BLMIS during the six-year period before its bankruptcy filing. The defendants are feeder funds and their...
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