Madoff Trustee Asks For $48M In Legal Fees

Law360, New York (February 17, 2012, 6:08 PM ET) -- The trustee tasked with recovering money from Bernard Madoff's $65 billion Ponzi scheme on Friday sought court approval to bill $48 million in legal services for four months of work that started June 1.

Irving H. Picard asked for fees representing nearly 33,000 hours worked per month from June 1 to Sept. 30 on the liquidation of Bernard L. Madoff Investment Securities LLC, Madoff's bogus brokerage.

“The fees requested are reasonable based on the customary compensation charged by comparably skilled practitioners in Chapter 11 matters as...
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