The trustee seeking money for Bernard Madoff’s victims has lost a bid to block an $80 million class action settlement that favors investors in Fairfield Greenwich Group, one of the funds that fed money to Madoff. U.S. District Judge Victor Marrero in Manhattan on Wednesday rejected arguments by the trustee, Irving Picard, who had sought to block the settlement on the grounds that it would deplete funds available to recover for Madoff’s customers. Marrero said the Fairfield investors were not direct customers of Bernard L. Madoff Investment Securities LLC, and as a result were not able to recover funds through a separate lawsuit Picard had filed against Fairfield in 2010. More on Reuters here.
