Judge Approves Settlement Based on Madoff Fraud

In shareholder derivative suits connected to investments with Bernard L. Madoff Investment Securities LLC, a judge has signed off on a $2.45 million dollar settlement between investment funds and an auditing firm. Nassau County Supreme Court Justice Stephen Bucaria (See Profile) approved the settlement in Sacher v. Beacon Associates Management Corp., 5424/2009, calling the accord a “fair and reasonable consideration for the compromise of all the claims asserted” against Friedberg, Smith & Co. More in New York Law Journal here.