Madoff “Net Winners” Lose Court Fight on Restitution

A federal bankruptcy judge in Manhattan on March 1, 2010, agreed with the trustee trying to recoup money for victims of Bernard Madoff's multibillion dollar Ponzi Scheme. U.S. Bankruptcy Judge Burton Lifland ruled that trustee Irving Picard is correct in denying claims from investors who profited from Madoff's scheme. Picard argued that only the "net losers" — those who deposited more into their account than they took out — should be … [Read more...]

Bankruptcy Judge Approved Santander to Pay $235 Million in Madoff Case

Banco Santander of Spain, which fed $3 billion of its clients’ money to Bernard L. Madoff before his Ponzi scheme was exposed, received approval from a federal bankruptcy judge to pay $235 million for potential legal claim. The settlement originally was announced on May 26, but was subject to court approval.   The settlement between Santander’s hedge fund Optimal Investment Services, which is based in Geneva, and the court-appointed … [Read more...]