Madoff Trustee Settles Tiff Over Feeder Fund Cash

Law360, New York (August 31, 2010, 3:24 PM EDT) -- The trustee charged with recovering money for victims of Bernard Madoff's Ponzi scheme has settled a dispute with liquidators in the Cayman Islands over $5 million held by Primeo Fund, one of the scheme’s alleged feeder funds.

On Monday, U.S. Trustee Irving H. Picard urged Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York to approve an agreement with the Primeo liquidators that puts to rest litigation over the $5 million currently sitting in HSBC Bank PLC.

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