Jeffry Picower News
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The Bernard Madoff firm’s liquidator will try to recoup $30 billion for the con man’s customers in court by reviving damage claims against banks including JPMorgan Chase & Co. and HSBC Holdings Plc.
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A U.S. bankruptcy judge barred a class-action lawsuit filed in Florida against the estate of former Bernard Madoff investor Jeffry Picower.
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Fairfax Financial Holdings Ltd., with seven of eight hedge funds it accused of spreading false rumors out of a lawsuit, may see the $24 billion case shrink again. A judge is poised to rule whether racketeering counts allowing triple damages should be tossed, Bloomberg News’s Thom Weidlich reports.
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Six former HSH Nordbank AG executives were charged with breach of trust and accounting crimes over their role in collateralized-debt obligations that led to writedowns of 500 million euros ($647 million) in 2008.
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The liquidator of Bernard Madoff’s firm may gain access to $5 billion from investor Jeffry Picower’s estate to pay defrauded customers after an investor lawyer said he wouldn’t appeal the key court ruling allowing it.
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The liquidator of Bernard Madoff’s brokerage, who said today he is planning a second payment to Ponzi scheme victims, might have $5 billion more by next month to increase a planned payout from a $2.3 billion customer fund.
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R. Allen Stanford’s criminal trial on charges he led a $7 billion investment fraud was postponed indefinitely by a U.S. judge while the Texas financier receives care for a prescription-drug addiction.
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JPMorgan Chase & Co. , Bernard Madoff’s “primary banker,” was sued for $6.4 billion by the trustee liquidating the imprisoned con man’s former firm.
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Customers of Bernard Madoff’s brokerage, who have received just $333 million from the liquidator of the con man’s estate, will get a second payment of $1.5 billion to $2.4 billion, an amount some investors found disappointing.
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A trustee overseeing the liquidation of Bernard Madoff’s firm is near a “multibillion-dollar” settlement with the estate of Jeffry Picower, the longtime Madoff investor who drowned in his swimming pool last year, a bankruptcy judge said.
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