Portrait liquidating trust
The Justice Department and Breeden had drawn criticism over the lack of payouts from the government fund, in part fueled by reports over bills by Breeden’s firm for its services.Most money in the fund came from settlements with the estate of Jeffry Picower, a Madoff investor from Florida, and JPMorgan Chase & Co (), once Madoff’s main bank. 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.Madoff Investment Securities LLC, has recouped .74 billion for the swindler’s victims. 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.
NOTICE OF SETTLEMENT OFIN RE PEREGRINE FINANCIALGROUP CUSTOMER LITIGATION On October 13, 2015, United States District Court Judge Sara L. Class Action On January 26, 2017, Richard Standish and Charles Sizemore (“Plaintiffs”) filed a class action complaint (the “Complaint”) on behalf of themselves and all persons and entities who held futures accounts with the Debtor as of the Petition Date (the “Class Members”), commencing a new adversary proceeding captioned Standish, et al. The Complaint demands that the Bankruptcy Court certify the case as a class action, impose a constructive trust on all funds held in the Class Members’ futures accounts, and award monetary damages, punitive damages and attorney’s fees to counsel for the Class Members. Courthouse, 219 South Dearborn Street, Chicago, Illinois, before the Honorable Carol A.An initial status hearing on the Complaint is scheduled for Wednesday, March 8, 2017 at a.m. Doyle, Bankruptcy Judge, or such other judge who may be sitting in her place and stead. Bodenstein (14 CV 5024), a group of former Forex and Metals customers sought the return of funds held by PFG at the time of its bankruptcy on the grounds that Forex and Metals contracts were “commodity contracts” within the meaning of the Bankruptcy Code. Bank will be making a payment of .5 million dollars to resolve all claims.Holders of Allowed Futures Claims that did not receive the full amount of their Prior Distributions will receive their pro rata share of the undistributed portion of all Prior Distributions.The Trustee also requested authority from the Bankruptcy Court to set p.m.