Bernard Madoff may have been a scourge to his investors, but legal work on the infamous Ponzi schemer’s bankruptcy continues to pay handsome dividends for Baker & Hostetler reports Am Law..Baker partner Irving Picard, court-appointed trustee in the bankruptcy, has personally been awarded more than $35 million in fees and expenses for work done by his firm in the case. .Wall Street Journal reports that the federal judge approved $37.6 million (Rs. 169 crore) in legal fees in connection with the liquidation of Bernard Madoff’s investment firm, over the objections of some victims of Mr. Madoff’s multibillion dollar Ponzi scheme..Judge Burton Lifland, of U.S. Bankruptcy Court in Manhattan, signed off on trustee Irving Picard’s request for $5,010 (Rs. 2.25 lakhs) in average daily compensation for himself for work from Feb. 1 to May 31 and another $283,179.45 (Rs. 1.27 crore) a day for his law firm. In addition to the $34.6 million for Mr. Picard and his firm, the judge approved another $3 million for 10 other law firms in the U.S. and abroad..WSJ also reports that some victims called the fees excessive. Others argued that Mr. Picard had a conflict of interest because he is paid by the Securities Investor Protection Corp. while making decisions on insurance payments the group must make to Madoff victims..Becker & Poliakoff partner Helen Davis Chaitman, a key advocate for Madoff victims who has a website called, www.ChaitmanonMadoff.com has listed her losses on the website.
Bernard Madoff may have been a scourge to his investors, but legal work on the infamous Ponzi schemer’s bankruptcy continues to pay handsome dividends for Baker & Hostetler reports Am Law..Baker partner Irving Picard, court-appointed trustee in the bankruptcy, has personally been awarded more than $35 million in fees and expenses for work done by his firm in the case. .Wall Street Journal reports that the federal judge approved $37.6 million (Rs. 169 crore) in legal fees in connection with the liquidation of Bernard Madoff’s investment firm, over the objections of some victims of Mr. Madoff’s multibillion dollar Ponzi scheme..Judge Burton Lifland, of U.S. Bankruptcy Court in Manhattan, signed off on trustee Irving Picard’s request for $5,010 (Rs. 2.25 lakhs) in average daily compensation for himself for work from Feb. 1 to May 31 and another $283,179.45 (Rs. 1.27 crore) a day for his law firm. In addition to the $34.6 million for Mr. Picard and his firm, the judge approved another $3 million for 10 other law firms in the U.S. and abroad..WSJ also reports that some victims called the fees excessive. Others argued that Mr. Picard had a conflict of interest because he is paid by the Securities Investor Protection Corp. while making decisions on insurance payments the group must make to Madoff victims..Becker & Poliakoff partner Helen Davis Chaitman, a key advocate for Madoff victims who has a website called, www.ChaitmanonMadoff.com has listed her losses on the website.
