Madoff Feeder Fund's $80M Class Settlement Approved

Law360, New York (March 22, 2013, 7:35 PM EDT) -- A New York federal judge on Friday approved an $80 million class action settlement between management at feeder fund Fairfield Greenwich Group and its investors, two days after rejecting a bid to block the deal from the bankruptcy trustee of convicted Ponzi schemer Bernard Madoff.

The deal, approved by U.S. District Judge Victor Marrero, settles claims that FGG management and founders misrepresented the extent of FGG's holdings in Bernard L. Madoff Investment Securities LLC to investors, leading to their massive losses when Madoff's Ponzi scheme was...
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