Fees Rejected in Madoff Feeder Fund Settlement
Attorney fees are too high in the $1.34 billion final distribution agreement with Tremont Group Holdings Inc., Bernie Madoff's second-largest feeder fund that lost billions in the Ponzi scheme collapse, the U.S. Court of Appeals for the Second Circuit said.
June 27, 2017 at 06:02 PM
12 minute read
Attorney fees are too high in the $1.34 billion final distribution agreement with Tremont Group Holdings Inc., Bernie Madoff's second-largest feeder fund that lost billions in the Ponzi scheme collapse, the U.S. Court of Appeals for the Second Circuit said.
The decision by Judges Dennis Jacobs and Christopher Droney, and U.S. Court of International Trade Chief Judge Timothy Stanceu, sitting by designation, remanded the suit, In re Tremont Securities Law, State Law and Insurance Litigation, 08-cv-11117, back to Southern District Judge Thomas Griesa.
In a summary order Monday, the panel found that plans to distribute the funds had been fairly handled by Griesa, “based on fair and equitable principles,” and was supported by investors holding 97 percent of the net equity in the funds.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Big Tech and Internet Companies Slammed With Consumer Class Actions in December
GE Agrees to $362.5M Deal to End Shareholder Claims Over Power, Insurance Risks
2 minute read
'No Evidence'?: Big Law Firms Defend Academic Publishers in EDNY Antitrust Case
3 minute read
'Substantive Deficiencies': Judge Grants Big Law Motion Dismissing Ivy League Price-Fixing Claims
3 minute readTrending Stories
- 1Thursday Newspaper
- 2Public Notices/Calendars
- 3Judicial Ethics Opinion 24-117
- 4Rejuvenation of a Sharp Employer Non-Compete Tool: Delaware Supreme Court Reinvigorates the Employee Choice Doctrine
- 5Mastering Litigation in New York’s Commercial Division Part V, Leave It to the Experts: Expert Discovery in the New York Commercial Division
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
