Trustee Irving Picard announced the latest settlement Monday with so-called
feeder funds -- Herald Fund SPC and Primeo Fund, both undergoing liquidation in the Cayman Islands.
papers to investors in the private
feeder funds into the Master Fund
Feeder funds are basically UITF that can invest to 90 percent of the portfolio in a one target fund," Javier said.
In the weeks that followed, JPMorgan withdrew about $300 million of its own money from Madoff
feeder funds.
Breeden defended the move and said he prioritised returning cash to Madoff's victims over Picard's negotiations with various
feeder funds.
were a part of the Madoff scandal,
feeder funds and net winners.
We believe this settlement - coupled with the Trustee's recent settlements with the Fairfield Sentry, Greenwich Sentry and Greenwich Sentry Partners
feeder funds - sends a strong message that the financial community cannot deliberately ignore indicia of fraud," said David Sheehan, a partner at Baker & Hostetler, the court-appointed counsel for the Trustee.
Feeder funds gather money from investors and channel the money into larger funds.
9 billion to Madoff through
feeder funds in Europe, the Caribbean and Central America.
s Merrill Lynch unit, received money through Madoff
feeder funds when they knew or should have known that his investments were a fraud.
Court-appointed trustee Irving Picard has accused HSBC of helping Madoff's scheme by creating a dozen so-called
feeder funds across the world.
Court-appointed trustee Irving Picard has accused HSBC of helping Madoff 's scheme by creating a dozen so-called
feeder funds across the world.
