A judge approved a $1 billion settlement of a lawsuit involving the liquidator of Bernard Madoff’s firm and hedge-fund firm Tremont Group Holdings, according to the NY Post.
In the deal approved yesterday by US Bankruptcy Judge Burton Lifland, trustee Irving Picard will accept a cash payment of more than $1 billion from funds associated with Tremont. In exchange, the Tremont funds will be allowed to make claims on the Madoff estate of about $3 billion, according to court filings.
Lifland also dismissed part of a $198 million lawsuit against Madoff’s family by the liquidator of the con man’s firm, leaving Picard free to pursue most of his claims.
Lifland set aside Picard’s claims for some transfers of money out of the jailed Ponzi scheme operator’s firm. Picard -- who sued Madoff’s brother, two sons and niece -- is free to amend his suit, the judge said.
Picard’s 2009 lawsuit claimed the family members treated the con man’s investment firm as their “piggy bank.”
Read more: http://www.nypost.com/p/news/business/madoff_trustee_settles_with_hedgies_050vBvtSB21koHDMT5uM6K#ixzz1YnF01wsR
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