Fairfield Trustee Loses Bid To Undo $230M Madoff Claim Sale

Law360, New York (July 2, 2013, 8:50 PM EDT) -- A New York federal judge on Tuesday refused to allow the trustee for Fairfield Sentry Ltd., a Bernard L. Madoff feeder fund, to undo the sale of a $230 million claim in the Madoff liquidation, rejecting his appeal.

U.S. District Judge Alvin Hellerstein said he would not allow Fairfield trustee Kenneth Krys to back away from a deal in which it sold its claim against Madoff to Farnum Place LLC, an entity owned by hedge fund The Baupost Group.

Krys agreed to take about 32 cents...
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