A federal judge in New York approved a hotly disputed fee for lawyers who negotiated a $217 million settlement with Madoff “feeder funds,” but only after leveling harsh criticism at the firms for trying to obtain excessive markups for low-paid contract attorneys. In a 43-page opinion issued yesterday, U.S. District Judge Colleen McMahon rejected the New York Attorney General’s objection to a $40.7 million fee request from lawyers led by Lowey Dannenberg who obtained the settlement from Ivy Asset Managment on behalf of pension funds that lost money in the Bernie Madoff swindle. More in Forbes here.
