Madoff Trustee Has Billed More Than $1 Billion In Legal Fees
Image by Wikimedia Commons
By Josh Nathan-Kazis September 17, 2018
The law firm responsible for recovering the money lost in Bernard Madoff’s Ponzi scheme has been paid just over $1 billion in legal fees for their work on the case, according to The American Lawyer.
The billion-dollar payout for the Ohio-based BakerHoestetler came over the course of nearly a decade, as the firm has recovered more than $13 billion for Madoff’s investors.
A court order in late August approving $33 million in fees brought BakerHoestetler’s total to $1.026 billion, according to The American Lawyer.
Madoff’s Ponzi scheme unraveled in 2008, resulting in losses of billions of dollars for investors, including a number of major Jewish institutions. A federal bankruptcy judge appointed BakerHoestetler’s Irving Picard to serve as trustee in 2008. He and his team have recovered $13 billion, $11 billion of which has been paid out to Madoff’s former customers.
Contact Josh Nathan-Kazis at [email protected] or on Twitter, @joshnathankazis
A message from our Publisher & CEO Rachel Fishman Feddersen
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
We’ve set a goal to raise $260,000 by December 31. That’s an ambitious goal, but one that will give us the resources we need to invest in the high quality news, opinion, analysis and cultural coverage that isn’t available anywhere else.
If you feel inspired to make an impact, now is the time to give something back. Join us as a member at your most generous level.
— Rachel Fishman Feddersen, Publisher and CEO
