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.)

This content has been archived.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]