Second Circuit to Hear Madoff Investor’s Request to Reconsider $655M Settlement
March 10, 2017, New York — Last month, a group of Tremont investors who lost money through Bernard Madoff’s Ponzi scheme urged the Second Circuit that a $655 million class-action settlement against the hedge funds they invested with should be reallocated because it unfairly favored certain investors over others. These investors had invested in various funds managed by Tremont Groups Holdings, Inc., which in turn pumped money into the Madoff scheme. Since the Tremont investors allegedly received an inferior recovery from the settlement plan, they appealed, alleging that the settlement plan was flawed. However, the opposing counsel asserted that the plan treated all funds
participating in the Madoff trustee settlement on equal footing. The counsel further added that the settlement was agreed upon mediation and was approved by the federal court.
The case is In Re: Tremont Securities Law, the U.S. Court of Appeals for the Second Circuit.
Jay Borromei, “Alleged” Key Personnel in the TelexFree Ponzi scheme, Files for Bankruptcy
California, September 13, 2016 – Two years ago, TelexFree Inc. filed for bankruptcy under Chapter…Read More
Bankrupt Lincoln Mill Seeks to Clawback $1.1M From its Vendors
Maine, August 8, 2017 – As a part of the bankruptcy process, the Lincoln Paper…Read More
Health Diagnostic Laboratory Initiates Second Round of Clawback Litigation
July 28, 2016, Virginia – Last month, Health Diagnostic Laboratory, Inc.’s liquidating trustee (HDL) brought…Read More
Utah Court Did Not Allow a Creditor to Retain the Funds He Invested With a Non-Debtor in a Ponzi Scheme, Even When the Non-Debtor was Operating the Debtor’s Ponzi Scheme
Gillman v. Russell (In re Twin Peaks Fin. Servs.) No. 2:15-cv-00167-DN, 2016 U.S. Dist. LEXIS…Read More
Delaware Bankruptcy Court Grants Dismissal of Preference and Fraudulent Transfer Claims For Failure to Adequately State Facts
Miller v. Welke (In re United Tax Grp., LLC), Nos. 14-10486 (LSS), 16-50088 (LSS), 2016…Read More