Madoff Victims Look To Opt Out Of $543M JPMorgan Deals

Law360, New York (January 29, 2014, 5:08 PM EST) -- A group of nearly 200 victims of Bernard Madoff's enormous Ponzi scheme on Tuesday told a New York bankruptcy court that they do not want to be part of settlements worth $543 million between JPMorgan Chase & Co. and the trustee liquidating Madoff's firm.

The former Bernard L. Madoff Investment Securities LLC customers said in a court filing that they were not satisfied with the class definition used in the settlement document, which only refers to direct investors of BLMIS who suffered losses on their investments — so-called "net losers" — as of Dec. 11, 2008.

The customers say they plan...

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