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Ellis entered a series of Orders, which resolved the pending customer class action brought against U.
(Reuters) - Retired members of the Teamsters union in New York will have their benefits cut by around 30 percent starting in October after the 34,000 participants in the pension approved a plan aimed at extending the life of the cash-strapped fund.
A total of 24,631 checks from the Madoff Victim Fund are being mailed to individuals, government entities, schools, charities, and pension and retirement plans in 49 U. Nearly all had invested indirectly with Madoff, such as through “feeder funds.” In a separate recovery effort, Irving Picard, a trustee liquidating Bernard L.
government said it has begun distributing 2.5 million from a .05 billion fund to compensate victims of Bernard Madoff’s Ponzi scheme, ending a nearly nine-year wait for thousands of people to start recouping their losses. They will receive about 5 million from the payout, which is structured to cover 25 percent of recipients’ losses. Payouts from the Madoff Victim Fund are eventually expected to go to 37,214 claimants from 124 countries, and whose losses exceeded .5 billion.
Doyle, Bankruptcy Judge, or such other Judge who may be sitting in her place and stead.
Such hearing may be continued from time to time without further notice other than by announcement in open Court. In their Complaint, Plaintiffs assert four claims: Count I alleges that PFG breached fiduciary duties to the Class Members by misrepresenting the manner in futures deposits would be accepted and handled and failing to disclose the embezzlement of customer funds by PFG’s CEO, Russell Wasendorf, Sr.
The Trustee also requested authority from the Bankruptcy Court to set p.m.
More than two-thirds of the recipients, or 16,557, had received no prior compensation for their losses. attorney general, in a statement on Thursday called the payout, from the Department of Justice’s victim compensation program, “the largest restoration of forfeited property in history.” Richard Breeden, a former U. Securities and Exchange Commission chairman, oversees the .05 billion fund, which was set up in November 2013. Madoff, 79, is serving a 150-year prison term for running what prosecutors called a billion Ponzi scheme, which was uncovered in December 2008.