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.
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.
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.
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.
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.
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.