GlobeOp To Pay $10M To Settle Madoff Feeder Fund Suits

Law360, New York (August 30, 2013, 12:31 PM EDT) -- GlobeOp Financial Services LLC will pay $10 million to settle allegations that the hedge fund administrator helped a feeder fund for Bernard Madoff pour a class of institutional investors' money into the notorious Ponzi scheme, according to a filing in New York federal court Thursday.

GlobeOp, which is now part of SS&C Technologies Holdings Inc., will pay $5 million to settle institutional investors' federal class action accusing it of not doing enough to keep an eye on the feeder funds associated with Fairfield Greenwich Group, which...
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