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Chemla, Founder of a Travel Company, ALTOUR Settles Madoff Clawback Lawsuit

July 14, 2016, New York – Last month, Alexandre Chemla, the founder of a private jet service, ALTOUR, settles a lawsuit brought by the trustee overseeing the liquidation of Bernie Madoff’s securities firm. The Madoff trustee sought to recover nearly $1 million in fictitious profits from the Ponzi scheme. The Trustee had alleged that the transfers received by Chemla constituted non-existent profits supposedly earned in the account. The trustee initiated an adversary proceeding against Lori Chemla and Alexandre Chemla last year in December 2015. However, the parties agreed to settle the litigation pursuant to the court’s settlement procedures order and entered into a settlement agreement and release on April 6, 2016. The court has now approved the settlement between the parties and last month the parties stipulated to a dismissal without prejudice of the trustee’s claims, subject to the right of the trustee to move ex parte to re-open the case, in the event of an uncured default under the terms of the settlement agreement.


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