Background
Pursuant to application of the Securities Investor Protection Corporation (“SIPC”) (link), on December 15, 2008, the Honorable Louis L. Stanton, a Federal Judge in the United States District court for the Southern District of New York, appointed Irving H. Picard as Trustee for the liquidation of Bernard L. Madoff Investments Securities LLC ("BLMIS") pursuant to the Securities Investor Protection Act ("SIPA") as set forth in the attached order (link).
On June 9, 2009, the Honorable Burton R. Lifland, a Federal Judge in the United States Bankruptcy court for the Southern District of New York, ordered substantive consolidation of the estate of Bernard L. Madoff into the SIPA Proceeding of Bernard L. Madoff Securities LLC. (link)
For information concerning the criminal cases arising out of this matter, please consult the website of the United States Attorney's Office for the Southern District of New York. (link).
News & Press Releases
03/08/2010: After full briefing by the Trustee, SIPC, the SEC and various customer claimants, both in support of and in opposition to the Trustee's motion regarding the proper interpretation of "net equity" under the Securities Investor Protection Act, and after a full hearing on the matter, the Honorable Burton R. Lifland, Bankruptcy Judge, issued an opinion on March 1, 2010 approving the Trustee's “net investment” method of determining customer claims in this proceeding. The Trustee has calculated each customer's "net equity" as the difference between the cash invested with BLMIS and the amounts withdrawn. The Court upheld this methodology, and rejected the argument made by certain claimants that customer claims must be allowed in the amounts shown on the final BLMIS customer statements. A copy of the opinion can be viewed by clicking here. The final resolution of this issue will be determined on appeal. 03/09/2010: SIPC EXPOSES PHONY "LOOK-ALIKE" WEB SITE TARGETING MADOFF VICTIMS. Victims and other Investors Cautioned against Providing Information. Click here for full release.
01/27/2010: MADOFF TRUSTEE ANNOUNCES SETTLEMENT OF $220 MILLION. To view the press release, please click here 01/27/2010: During the week of January 25, 2010, the applicable IRS Forms 1099 were mailed out to any customers and employees who received payments from the Trustee during 2009.
All News and Press Release articles are available here.
Claims Processing Status
Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, has retained AlixPartners, LLP with the Court's approval, as Claims Agent.
As of March 11, 2010, the Trustee provides the following information regarding customer claims:
Determined Claims: | 12,187 | | Allowed Claims: | 1,974 | Denied Claims: | 10,213 |
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| | Amount of Allowed Claims: | $5,253,709,160.71 | | Amount of SIPC Coverage Committed: | $658,673,189.49 | | Amount by Which Allowed Claims Exceed Statutory Limits of SIPC Protection: | $4,595,035,971.22 |
This information will be updated on a periodic basis, please check back to get the latest available status of submitted claims.
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