Madoff Recovery Lags Despite High Legal Fees

Law360, New York (November 1, 2010, 5:07 PM EDT) -- The trustee overseeing the bankruptcy of Bernard Madoff's investment firm has recovered about $1.5 billion for victims of the infamous Ponzi scheme, but recovery lagged far behind expenses during the second and third quarters of this year.

According to an interim report lodged Saturday, trustee Irving J. Picard took in about $849,000 for victims from April to September, including about $771,000 from litigation and about $71,000 from interest and dividends.

However, Picard and his firm, Baker & Hostetler LLP, billed more than $16 million over that...
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