Picard Moves To Stop $80M Fairfield Settlement

Law360, New York (November 30, 2012, 6:12 PM EST) -- Madoff trustee Irving Picard asked a bankruptcy court Thursday to block an $80 million class action settlement between management at feeder fund Fairfield Greenwich Group. and investors, saying that the deal could deplete the money available for other Madoff victims.

Picard, who is handling the dissolution of Bernard L. Madoff Investment Securities LLC and returning money to investors, wants a court order blocking the deal, which was reached earlier in November.

The deal settles claims that FGG management and founders misrepresented the extent of their FGG's...
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