2nd Circ. Rejects Madoff 'Phantom Fee' Appeal

Law360, New York (August 8, 2013, 3:53 PM EDT) -- The Second Circuit on Thursday rejected an appeal from a purported class of investors seeking the return of potentially millions of dollars in “phantom fees” it paid to Standard Chartered PLC for funds invested in a Bernard L. Madoff Investment Securities feeder fund.

In a summary order, a three-judge Second Circuit panel unanimously ruled that the fees that Jose Antonio Pujals and Rosa Julieta A. de Pujals paid to the British bank to cover the costs of transferring funds into the Fairfield Sentry Ltd. hedge fund...
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