Thybo Asset Management Settles Madoff Clawback Claim for $46M

Thybo Asset Management, a family office turned hedge fund of funds, has agreed to settle a Madoff-related clawback claim instituted in 2009 by bankruptcy trustee Irving Picard. According to the settlement, which was filed with the U.S. Bankruptcy Court in New York on Friday, Thybo agreed to pay $46.6 million of the original $62 million sought by Picard in allegedly fraudulent transfers during the six years prior to the collapse of the ponzi scheme orchestrated by Madoff through his Madoff Investment Securities LLC. At the same time, Thybo will be allowed a total claim of $186 million against the Madoff estate, from which the $46.6 million will be deducted. More on FinAlternatives here.