Based on court filings in the Madoff case, it appears that at least $58 million of the firm’s 2010 revenue stems from that high-profile assignment. In May the court approved $24.6 million in fees for Picard and the firm, and in September it approved an additional $34.6 million.
These fees are paid by the Securities Investor Protection Corporation, an industry funded group established to protect investors, and not out of the funds recovered for Madoff victims.
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