Madoff Trustee Inks $98M Deal With Feeder Fund

Law360, New York (August 26, 2013, 5:41 PM EDT) -- The trustee overseeing the liquidation of Bernard Madoff’s investment firm reached a $98 million deal with Madoff feeder fund MAXAM Absolute Return Fund LP on Monday that allows the fund a $277 million allowed customer claim against the estate.

The suit, launched by trustee Irving H. Picard as an adversary proceeding in Madoff’s bankruptcy, was filed against MARF and its subsidiaries in 2010 in an effort to recover allegedly fraudulent transfers it obtained through Madoff’s massive Ponzi scheme.

Darien, Conn.-based MARF’s only purpose was to invest...
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