Madoff Trustee's $800M Deal With Major Investor Scrapped

Law360, Los Angeles (November 21, 2013, 9:10 PM EST) -- A proposed $800 million settlement between the bankruptcy trustee recovering funds for Bernard L. Madoff investors and a firm that invested nearly $2 billion in Madoff's Ponzi scheme has fallen through, according to reports Thursday.

The settlement between Irving H. Picard — the trustee overseeing the liquidation of Madoff’s investment company — and Kingate Management Ltd. dissolved after the U.S. Department of Justice announced it would not pay feeder funds such as Kingate, The Wall Street Journal said Thursday, citing “people familiar with the matter.”...
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