A federal judge has awarded trustee Irving H. Picard and his team of lawyers liquidating Bernard L. Madoff’s investment firm some $24.6 million in interim counsel fees. Southern District of New York Bankruptcy Judge Burton Lifland on Thursday awarded about $672,000 in fees to Picard and $23.9 million in fees to Baker & Hostetler for Oct. 1 through Jan. 31. All told, the judge has awarded Picard and his attorneys about $62 million in fees.

Last month, Picard reported that “notwithstanding the monumental and unprecedented task faced by the Trustee, substantial progress” has been made in “reviewing and determining customer claims.” However, he has come under fire from many investors who have protested his “cash-in/cash out” approach to calculating claims.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]