Legal News

Madoff, Halliburton, Wells Fargo in Court News

By (Breaking Legal News)

Irving Picard, the trustee overseeing the bankruptcy of Bernard Madoff?s investment firm, spent $26.9 million in the six months ended Sept. 30 while recovering $849,000 for victims of Madoff?s Ponzi scheme, according to a report filed in Manhattan federal court.

Picard has recovered a total of about $1.5 billion for creditors of Bernard L. Madoff Investment Securities LLC, he said in a filing with U.S. Bankruptcy Judge Burton Lifland made public Oct. 30. The trustee said he evaluated 14,030 investor claims as of Oct. 22 and approved 2,280. He has committed to paying $738 million on behalf of the Securities Investor Protection Corp., which is obligated to compensate cheated investors as much as $500,000 on most claims, according to the report.

The largest component of the expenses for the half-year period is $15.8 million in legal fees to Picard?s firm, Baker & Hostetler LLP. Most of the money recovered in the six-month period, $771,000, came from Madoff investors who received preferences, or payments, in the 90 days before the bankruptcy filing, according to Picard?s report.

Full post as published by Breaking Legal News on November 01, 2010 (boomark / email).