Rye Portfolio Settles $400M Madoff Clawback Suit

Law360, New York (February 15, 2012, 9:33 PM EST) -- A New York federal judge on Wednesday signed off on a settlement between Rye Select Broad Market XL Portfolio Ltd. and the Bernard L. Madoff Investment Securities LLC bankruptcy trustee who had sought to recover $400 million in lost Ponzi scheme funds from Rye LP and Rye Portfolio.

Rye Portfolio and Madoff trustee Irving H. Picard will now seek approval for the settlement from the Grand Court of the Cayman Islands, where Rye Portfolio is based. If the settlement is granted, the New York bankruptcy court...
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