Madoff Trustee Wins OK For $500M Union Bancaire Deal

Law360, New York (January 6, 2011, 1:36 PM EST) -- A federal judge has approved a $500 million deal between the trustee overseeing the recovery for victims of Bernard Madoff's Ponzi scheme and Swiss bank Union Bancaire Privee UBP SA, the largest feeder-fund cash settlement to date in the case.

Judge Burton L. Lifland spoke favorably of the agreement during a brief hearing Thursday in the U.S. Bankruptcy Court for the Southern District of New York, proclaiming the deal “goes a long way” toward resolving the Madoff matters.

“I do agree that this is a salutary...
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