The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.
Bernard Madoff’s earliest investors, including two who reaped billions of dollars from the con man’s Ponzi scheme, allowed him to add backdated losses to their accounts whenever the profit was too high, a former executive on trial for fraud said.
JPMorgan Chase & Co.’s $543 million settlement with the trustee for Bernard Madoff’s defunct firm was approved by the judge overseeing its liquidation, ending a case in which thousands of investors accused the bank of turning a blind eye to the U.S.’s biggest Ponzi scheme.
Bernard Madoff victims who withdrew more money from the con man’s firm than they invested -- and were slated for no recovery -- asked to be excluded from JPMorgan Chase & Co.’s $543 million settlement of lawsuits over the fraud so they can sue the bank on their own.
U.S. employers probably added more than twice as many workers to payrolls in January than the prior month while the jobless rate held at a five-year low of 6.7 percent, data in the coming week may show.
The trustee unwinding Bernard Madoff’s fraud has recovered more than $10 billion for victims five years after the biggest Ponzi scheme collapsed, including $543 million yesterday from Madoff’s bank, JPMorgan Chase & Co.
The U.S. Supreme Court signaled interest in an appeal by the liquidator of Bernard Madoff’s firm, asking the Obama administration for advice on suits seeking $8 billion from banks alleged to have helped funnel money into his Ponzi scheme.