Picard Can't Stop $80M Fairfield Investor Deal, Judge Says

Law360, New York (March 20, 2013, 6:07 PM EDT) -- Irving Picard, the bankruptcy trustee of Ponzi schemer Bernard Madoff's securities firm, can't block an $80 million settlement between Madoff feeder fund Fairfield Greenwich Group and its investors because they aren't creditors of the defunct firm, a New York federal judge ruled Wednesday.

U.S. District Judge Victor Marrero said Picard's attempts to use "creative wordsmithery" to argue the contrary didn't change one essential fact: that the claims of the investors, known as the Anwar plaintiffs, are separate and independent of the bankruptcy proceeding against Bernard L....
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