The Wall Street Journal reports that some of the world's biggest banks are jumping into a multibillion-dollar market that buys up victims' claims in the Bernard Madoff Ponzi scheme, including two banks that have been sued in connection with the fraud.
The buyers of claims offer defrauded investors who want immediate cash a fraction of what they are owed, intending to profit by collecting a larger payout when the settlement is made final, which can take years.
Investors were receiving offers of just 20 cents to 30 cents on the dollar a year ago, when it was unclear how much money would be recovered. Now…
http://online.wsj.com/article/SB10001424052702304319804576389713307635764.html?mod=WSJ_hp_LEFTTopStories
No comments:
Post a Comment