Liquidating madoff

The settlement, however, did not preclude others, such as the court-appointed trustee Irving Picard of Baker Hostetler who was liquidating her husband's firm, from seeking to recover funds from her, for example as a wrongful transferee of funds transferred to her.

Liquidating madoff

A separate $15 million fund will pay claims by California investors, resolving litigation by that state’s Attorney General Kamala Harris, and which had been brought in 2009 by her predecessor, California Governor Jerry Brown. Chais, who died in September 2010 at the age of 84, once handled investments for elite Hollywood clients like Oscar-winning director Steven Spielberg, and had been a close friend of Madoff since the 1960s. Securities and Exchange Commission in June 2009 filed a related civil lawsuit against Chais, claiming he ignored red flags that Madoff’s seemingly steady returns were bogus.

The cash payout would boost to $11.46 billion the sum that Picard has recovered for former Madoff customers, or 65 percent of their estimated $17.5 billion loss.

In the BLMIS liquidation, SIPC has made cash advances – up to a maximum of $500,000 per allowed claim – available to the court-appointed SIPA Trustee to distribute to eligible customers, as a way to expedite financial relief to these customers.

As of August 23, 2019, SIPC advances for this purpose have reached a total of approximately $846.7 million.

A $4 billion fund overseen by former SEC Chairman Richard Breeden will also compensate Madoff victims.

Last modified 12-Jan-2020 03:39