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Madoff Trustee Seeks $535M To Pay Back Investors

Law360 (January 30, 2009, 12:00 AM EST) -- The Securities Investor Protection Corp. trustee for Bernard L. Madoff Investment Securities LLC and two banks have proposed an agreement under which the banks would wire the trustee $535 million to bolster recoveries for investors with the disgraced financier's firm.

At a Feb. 4 hearing, Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York will be asked to sign off on two orders that would approve stipulations calling for JPMorgan Chase Bank NA to transfer $233.5 million and the Bank...
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