A pair of investment funds tied up in litigation stemming from Bernie Madoff’s Ponzi scheme reached a $498 million settlement with the trustee liquidating his firm’s estate.
The “recovery agreement” with Luxembourg Investment Fund and Luxembourg Investment Fund US Equity Plus represents 100% of the transfers the feeder funds received from Bernard L. Madoff Investment Securities, the trustee said in a Wednesday press release. LIF, which invested exclusively with BLMIS as UBS (Luxembourg) SA, was a Luxembourg investment fund, the release said.
The settlement is related to the trustee’s efforts to recover money for victims of Madoff’s historic scheme. The ...
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