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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!