Almost a decade into his role as trustee of funds recovered for victims of Bernard Madoff’s notorious Ponzi scheme, Irving Picard and his law firm, Baker & Hostetler, have passed another milestone—securing more than $13 billion for Madoff victims in light of a $280 million settlement approved this week. And Picard’s firm is still racking up fees from the work, securing an award in April that brought its total to just shy of $1 billion, with another fee award likely to hit next month.
In a statement Thursday, Picard and his team announced the court approval of a settlement with Madoff “feeder funds”—investment funds that funneled money into Madoff’s Ponzi scheme—tied to money manager J. Ezra Merkin. Merkin and the funds, Ascot Partners LP, Ascot Fund Ltd. and Gabriel Capital Corp., had agreed in June to pay $280 million in a settlement with Picard, who since late-2008 has served as the Securities Investor Protection Act trustee for Bernard L. Madoff Investment Securities LLC (BLMIS).
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