Saturday, January 14, 2012

Hedge funds scammed by Madoff won't get payments

Customers of hedge funds ? or so-called 'feeder funds' ? that invested with Madoff don't qualify for a settlement fund, a federal judge affirms. Thousands of clients of 16 hedge funds hoped to collect from the $500,000 fund.

A federal judge has affirmed a bankruptcy court ruling that thousands of clients of?funds that invested money with jailed financier Bernard Madoff do not qualify for payouts that reimburse Madoff customers.

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The decision made public Thursday by Judge Denise Cote (koht) agreed with a judge's finding last year. It said the clients don't qualify because they did not hold accounts in their names.

It means investors still cannot recover up to $500,000 from a?fund?created to reimburse small investors who are victims of fraudulent schemes.

The ruling came in a case brought on behalf of 16 feeder or?hedge?funds?that invested with Madoff.

Lawyers for the?funds?did not immediately return messages seeking comment.

Madoff is serving a 150-year prison sentence for masterminding the multibillion-dollar Ponzi scheme.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/lvQhy8Oa6hw/Hedge-funds-scammed-by-Madoff-won-t-get-payments

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