Picard has secured settlements with a former friend of the notorious Ponzi schemer in Boston-based philanthropist Carl Shapiro and a leading Swiss private bank in Union Bancaire Privée (UBP), while slapping the owners of the New York Mets baseball team with a long-anticipated clawback suit.
On Monday, Picard announced that UBP had agreed to pay $470 million to Madoff victims in order to avoid litigation. In a statement, Picard and his firm called the agreement the largest feeder fund bank settlement to date. (Click here for a copy of the 67-page settlement agreement, which provides for an additional payment of up to $30 million.)
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