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Judge will approve settlement in Madoff feeder fund case

Fairfield Greenwich Group investors will receive $80 million in the agreement

A federal judge said late last week that he will approve an $80.25 million class action settlement that will benefit those that invested in Fairfield Greenwich Group funds. Investors said Fairfield funneled money to Bernie Madoff, who is now serving a 150-year prison sentence for masterminding the world’s largest-ever Ponzi scheme.

According to their suit, Fairfield investors lost more than $1 billion in Madoff’s scheme. But Judge Victor Marrero said $80 million was fair because Fairfield’s founders’ assets mostly funded the accord.

"In all circumstances, the plaintiffs have met the burdens to show the settlement is fair and reasonable," Marrero said on Friday.

The investors will get $50 million of the settlement immediately, and the parties will address the remaining $30.25 million when lawyers complete the necessary paperwork. Marrero’s approval of the settlement is contingent on that paperwork.

Read more about this suit on Thomson Reuters.

To follow the Madoff fiasco on InsideCounsel, see:

Madoff trustee and N.Y. AG go to battle over settlement

Madoff victims’ payout may exceed $5 billion

9th Circuit says Madoff investors can’t sue SEC

Peter Madoff gets 10 years behind bars

Madoff victims can only file claims for actual losses

Madoff trustee tries to block investor settlement

Former Madoff employee pleads guilty to decades of fraud

Madoff victims receive largest payout yet

Madoff trustee can pay victims $2.4 billion

Madoff trustee asks for $2.4 billion for victims

New York Mets settle with Madoff victims for $162 million

JPMorgan Chase faces $19 billion lawsuit from Madoff victims


Cathleen Flahardy

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