The family of one of Bernard Madoff’s top clients agreed to pay $220 million to settle claims by the trustee liquidating the Ponzi schemer’s investment firm, increasing the sum available for Madoff victims. Read Reuters report here.
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The hearing to consider the “net equity” dispute will be held on Tuesday, February 2, 2010, at 10:00 a.m. before the Honorable Burton R. Lifland at the United States Bankruptcy Court, Southern District of New York, One Bowling Green, New York, New York, Room 623. On January 25, 2010, the Court entered two orders regarding how the hearing will be conducted, including who the speakers will be and the time allotted for each presentation. Links to the two orders are [...] There was a meeting earlier today in Judge Lifland’s Courtroom between the Judge and both sides of the net equity argument; i.e., The Trustee/SIPC/SEC and several of the law firms that have briefed the net equity issue to decide upon a logical, cohesive presentation for February 2. This is what we have been told: The hearing will begin promptly at 10 a.m. in Judge Lifland’s Outraged, NIAP sends letter to The Palm Beach Post Editor in response to the editorial published on January 11th…. To the Editor: The fallout of the Bernard Madoff fraud is not nearly as straightforward as the 1/11 editorial suggests. SIPC is grossly underfunded, and was warned on more than one occasion that its coffers were so low that it would not be able to handle a catastrophic default. That has had a huge impact on the bankruptcy proceedings. For the privilege [...] A good government group is slamming the Securities and Exchange Commission for ignoring or delaying on hundreds of recommendations made by the agency’s internal watchdog. Many of these recommendations were made in the wake of the SEC’s failure to detect Bernie Madoff’s massive Ponzi scheme, a misstep for which the agency was widely derided earlier this year. Read TPM report here. Helen Davis Chaitman made a name for herself forcing corporate giants to make good on their promises. But the lawyer who fought banking and securities titans was no match for Bernard Madoff. Like thousands of others who trusted the once high-flying financier, she lost her entire retirement nest egg. Following the Madoff scam, twenty-six investors sued Westport National Bank seeing to recover millions lost in accounts the bank invested with Madoff’s firm. The plaintiffs alleged that the bank breached its duty to serve as custodian of the accounts and protect the accounts from fraudulent activity, WestportNow.com reports. Read Securities Docket report here. The Securities and Exchange Commission is being sued over its failure to respond to Freedom of Information Act requests for information about what reforms, if any, it has undertaken since it failed to detect Bernard Madoff’s multibillion fraud. Read TPM article here. Presentation by Helen Davis Chaitman, Phillips Nizer LLP and attorneys Richard Cahan, Gary Blum and Andrew Byrne of Becker & Poliakoff scheduled for next week in Florida. Click here for more details and information on how you can register. Kevin Heebner, owner of a building supply store in Temple, Pa., got a call four years ago from his longtime stockbroker recommending an investment in short-term bonds. Assured the bonds were safe, Mr. Heebner invested $100,000. Three months later, Mr. Heebner received a stunning phone call. The broker told him the money he had put into the bonds was gone. The president of the broker’s firm, Old Naples Securities, had stolen it. Click here to read on about how unprotected you [...] |
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