Madoff Trustee Claws Back $29M In Trotanoy Settlement

Law360, New York (May 17, 2012, 9:07 PM EDT) -- A New York bankruptcy judge Tuesday approved a $29 million cash settlement between Trotanoy Investment Co. Ltd. and Irving Picard, the trustee for Bernard L. Madoff Investment Securities LLC who originally sought to claw back $180 million in the adversary proceeding.

Picard had targeted Trotanoy, a Guernsey-based investment firm, along with Geneva-based Hyposwiss Private Bank Geneve SA and Guernsey-based Palmer Fund Management Services Ltd., in connection with money Trotanoy transferred from BLMIS and subsequently channeled to the other defendants.

U.S. Bankruptcy Judge Burton R. Lifland signed...
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