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Irving Picard

When Baker & Hostetler partner Irving Picard, the trustee of funds recovered for victims of Bernie Madoff’s infamous fraud, announced earlier this summer that a recent settlement had pushed investor recoveries above the $13 billion mark, he and his firm also edged toward a milestone of their own—$1 billion in legal fees. They’ve now surpassed that mark as they approach 10 years of work on the case.

Picard and his team, including lead counsel David Sheehan, secured an interim fee award worth some $33.5 million as a result of a Manhattan federal bankruptcy court order on Aug. 30. That most recent award, which covered work completed between Dec. 1 and March 31, brought Baker & Hostetler up to a total of $1.026 billion in fees awarded in connection with the Madoff trustee work, according to court records. Picard has served since late 2008 as the Securities Investor Protection Act trustee for Bernard L. Madoff Investment Securities LLC (BLMIS).

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Scott Flaherty

Scott Flaherty, based in New York, covers the business of law with a focus on legal ethics, lawyer misconduct, conflicts-of-interest and litigation involving law firms. He can be reached at [email protected] On Twitter: @sflaherty18

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