Judge to OK $80 mln settlement with Madoff feeder fund

A federal judge said he intends to give final approval to a class action settlement of potentially more than $80 million benefiting investors in funds managed by Fairfield Greenwich Group, which funneled money to the now imprisoned swindler Bernard Madoff. U.S. District Judge Victor Marrero in Manhattan said at a Friday hearing that while the amount was “modest” compared to the more than $1 billion that Fairfield investors lost, it was fair because the accord was largely being funded by its founders’ assets. “In all circumstances, the plaintiffs have met the burdens to show the settlement is fair and reasonable,” Marrero said.
More on Reuters here.