Madoff Trustee Has Billed More Than $1 Billion In Legal Fees
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
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning journalism this Passover.
In this age of misinformation, our work is needed like never before. We report on the news that matters most to American Jews, driven by truth, not ideology.
At a time when newsrooms are closing or cutting back, the Forward has removed its paywall. That means for the first time in our 126-year history, Forward journalism is free to everyone, everywhere. With an ongoing war, rising antisemitism, and a flood of disinformation that may affect the upcoming election, we believe that free and open access to Jewish journalism is imperative.
Readers like you make it all possible. Right now, we’re in the middle of our Passover Pledge Drive and we still need 300 people to step up and make a gift to sustain our trustworthy, independent journalism.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
Only 300 more gifts needed by April 30