New York University is entitled to recover legal fees for battling to preserve the remaining assets of a hedge fund from which a prominent New York financier pumped hundreds of millions of dollars into Bernard Madoff's Ponzi scheme, a Supreme Court justice in Manhattan has ruled. The judge found, over the opposition of the New York AG's office, that the benefit NYU conferred on investors in the $1.3 billion Ariel Fund was "of such a great measure" that it would be "inequitable" not to compensate its attorneys.
New York University Wins Fee Bid for Preserving Assets From Hedge Fund
New York Law Journal
March 1, 2010