Customers’ claims on Peregrine Financial Group Inc., whose founder is accused by regulators of misappropriating more than $200 million, may fetch less than a quarter of their value in the wake of the firm’s bankruptcy, a trader said.
Hedge funds Perry Capital LLC and Solus Alternative Asset Management LP are fighting over whether they had a contract when they agreed to trade $195 million of claims on Bernard Madoff’s bankrupt firm, amid rising prices on the claims.
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.
Dewey & LeBoeuf LLP partners whose guaranteed contracts undermined the firm may get about a dime on the dollar for what they’re owed, no better than the janitors who cleaned their offices, bankruptcy specialists said.
Pfizer Inc. isn’t liable for the breast-cancer death of a woman who died after taking menopause drugs made by the company’s units, a Connecticut jury ruled in a victory for defense lawyers at Kaye Scholer LLP, Nelson Mullins Riley & Scarborough LLP and Snell & Wilmer LLP.
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.