Press release from the offices of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and the Securities Investor Protection Corporation (SIPC)

Madoff Trustee Requests Allocation of More Than $123 Million to Customer Fund and Court Approval to Distribute More Than $87 Million to BLMIS Customers with Allowed Claims

Seventeenth Pro Rata Interim Distribution Will Bring Aggregate Customer Payout in Madoff Liquidation to Nearly $14.67 Billion

NEW YORK, NEW YORK and WASHINGTON, DC – December 11, 2025 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion today in the United States Bankruptcy Court for the Southern District of New York seeking approval for an allocation of more than $123 million in recoveries to the BLMIS Customer Fund and an authorization for a seventeenth pro rata interim distribution of more than $87 million from the Customer Fund to BLMIS customers with allowed claims. A hearing on the motion has been scheduled for January 28, 2026 at 10:00 a.m. EST.

“With our next anticipated distribution, 1,531 accounts will be made whole,” said David J. Sheehan, Chief Counsel to the SIPA Trustee. “As our global efforts continue, we look forward to future significant recoveries and distributions.”

“Our next expected distribution is another milestone in the global Madoff Recovery Initiative,” said Mr. Picard. “Despite the odds, our legal team, led by David Sheehan, and backed by SIPC, continues to achieve meaningful results on behalf of BLMIS customers with allowed claims.”

Seventeenth Distribution Will Bring Total Amount Restored to Nearly $14.67 Billion

When combined with the prior sixteen distributions, the seventeenth distribution will equal 72.015% percent of each customer’s allowed claim amount, unless that claim has been fully satisfied. The aggregate amount distributed to eligible BLMIS customers will total approximately $14.67 billion, including approximately $850.4 million in advances committed by SIPC.

As of October 31, 2025, the SIPA Trustee has recovered or reached agreements to recover approximately $14.833 billion.

The proposed distribution will be paid on claims relating to 767 BLMIS accounts and represents approximately 0.469% of their net equity claims, with an average payment amount of $114,553.90. When combined with the previous sixteen distributions and $850.4 million in advances committed by SIPC, 1,531 accounts with an allowed claim amount of up to $1.780 million will be fully satisfied following the seventeenth interim distribution.

Additional funds recovered between October 31, 2025 and January 31, 2026 will be distributed to BLMIS customers with allowed claims as set forth in the motion.

No funds recovered in the Madoff Recovery Initiative are used to pay costs associated with the recovery. All trustee, legal, and accounting fees, as well as administrative expenses, are paid by SIPC.

The Seventeenth Customer Fund Allocation and Distribution Motion can be found on the United States Bankruptcy Court’s website at http://www.nysb.uscourts.gov/; Bankr. S.D.N.Y., No. 08-01789 (LGB). It can also be found on the SIPA Trustee’s website along with more information on the BLMIS liquidation at: www.madofftrustee.com.

Messrs. Picard and Sheehan would like to thank Seanna Brown and Heather Wlodek of BakerHostetler, who worked on the seventeenth pro rata interim distribution and its related filings, as well as BakerHostetler, Windels Marx and all of the attorneys and professionals whose work has led to the distribution. They would also like to thank Vineet Sehgal and his colleagues at AlixPartners, as well as the personnel at SIPC, for their ongoing work and participation in the Madoff Recovery Initiative distributions.

Madoff Trustee Requests Allocation of More Than $123 Million to Customer Fund and Court Approval to Distribute More Than $87 Million to BLMIS Customers with Allowed Claims

Statement from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)

Attributable to Heather Wlodek, spokeswoman for Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and his counsel:

On Monday, October 20, 2025, the SIPA Trustee and his Counsel at BakerHostetler filed the 49th Interim Fee Application with the United States Bankruptcy Court for the Southern District of New York for their work on the global liquidation of BLMIS from April 1, 2025 through July 31, 2025.

• The Application seeks approval of fees, representing approximately 68,861.10 hours of professional and paraprofessional services, which were billed at an average public interest discounted rate of approximately $579.06 per hour.

• The public interest discount applied represents a reduction of 10 percent from standard rates and it resulted in a total voluntary reduction during the four-month Compensation Period of $4,430,515.83. Additionally, the SIPA Trustee and BakerHostetler voluntarily adjusted their fees by writing off $2,681,321.90 (not including the 10 percent public interest discount) and wrote off expenses customarily charged to other clients in the amount of $97,498.82.

• The fees requested are reasonable based on the customary compensation charged by comparably skilled practitioners in Chapter 11 matters as well as comparable bankruptcy and non-bankruptcy cases in the competitive national legal market.

• After applying the public interest discount, the total fees requested for the period were $39,874,642.47 (of which $35,887,178.22 is to be paid currently and $3,987,464.25 is to be held back through the conclusion of the liquidation period or until further order by the Court). In addition, $100,576.86 was requested as reimbursement of the actual and necessary costs and expenses incurred by the SIPA Trustee and BakerHostetler in connection with the recovery effort.

As noted in the Fee Application:

• During the Compensation Period of April 1, 2025 through July 31, 2025, without the need for protracted litigation, the SIPA Trustee settled four cases for $83,840,224. The SIPA Trustee entered into settlements subsequent to the Compensation Period that have and will bring additional funds into the Customer Fund.

• As of the end of the Compensation Period (July 31, 2025), the SIPA Trustee dismissed 284 Hardship Program applicant-defendants from avoidance actions after reviewing the facts and circumstances presented in each application and through additional information requested and verified by the SIPA Trustee.

The SIPA Trustee has recovered or entered into agreements to recover $14.808 billion through August 31, 2025. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered.

The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims. One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims.

The SIPA Trustee has distributed approximately $14.58 billion to BLMIS customers with allowed claims through August 31, 2025, which includes $850.4 million in funds committed to be advanced by SIPC. All allowed customer claims up to approximately $1.741 million have been fully satisfied.

The first pro rata interim distribution commenced on October 5, 2011 and to date equals approximately $891.1 million. A second pro rata interim distribution commenced on September 19, 2012 and to date equals approximately $6.478 billion. The third pro rata interim distribution commenced on March 29, 2013 and to date equals approximately $907.3 million. The fourth pro rata interim distribution commenced on May 5, 2014, and the SIPA Trustee has distributed approximately $610.4 million. In the fifth pro rata interim distribution, which commenced on February 6, 2015, he has distributed approximately $526 million. In the sixth pro rata interim distribution, which commenced on December 4, 2015, the SIPA Trustee distributed approximately $1.578 billion. The seventh pro rata interim distribution commenced on June 30, 2016 and to date equals approximately $248.5 million. The eighth pro rata interim distribution commenced on February 2, 2017 and to date equals approximately $328.8 million. The ninth pro rata interim distribution commenced on February 22, 2018, and the SIPA Trustee has distributed approximately $721.7 million. The tenth pro rata interim distribution commenced on February 22, 2019, and the SIPA Trustee has distributed approximately $515.9 million. The eleventh pro rata interim distribution commenced on February 28, 2020, and the SIPA Trustee has distributed approximately $372 million. The twelfth pro rata interim distribution commenced on February 26, 2021, and the SIPA Trustee has distributed approximately $233.1 million. The thirteenth pro rata interim distribution commenced on February 25, 2022, and the SIPA Trustee has distributed approximately $113.4 million. The fourteenth pro rata interim distribution commenced on February 24, 2023, and the SIPA Trustee distributed approximately $49.7 million. The fifteenth pro rata interim distribution commenced on February 23, 2024, and the SIPA Trustee distributed approximately $­­78.6 million. In the sixteenth pro rata interim distribution, which commenced on February 28, 2025, the SIPA Trustee distributed approximately $76.8 million.

In addition, SIPC has made advances available to the court-appointed SIPA Trustee to distribute to accounts with allowed claims (up to $500,000 maximum), as a way to expedite financial relief to those account holders. To date, SIPC has committed $850.4 million to the BLMIS liquidation for this purpose. SIPC-committed advances will continue to increase as claims that are currently in litigation are allowed as a result of settlements or the conclusion of litigation. Under SIPA, SIPC must be reimbursed for its advances to customers. To date, SIPC has received approximately $261.5 million in reimbursement.

The Bankruptcy Court hearing for approval of the 49th Fee Application has been scheduled for December 18, 2025 at 10 a.m.

The BakerHostetler attorneys who worked on behalf of the SIPA Trustee filing this Fee Application include David J. Sheehan, Seanna R. Brown and Heather R. Wlodek.

The filing is available on the Bankruptcy Court’s website: www.nysb.uscourts.gov; Case No. 08-01789. The Fee Application as well as additional information on recoveries, settlements and court filings can be found on the SIPA Trustee’s website: www.madofftrustee.com.

Statement Regarding Forty-Ninth Fee Application

Statement from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)

Attributable to Heather Wlodek, spokeswoman for Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and his counsel:

On Friday, June 20, 2025, the SIPA Trustee and his Counsel at BakerHostetler filed the 48th Interim Fee Application with the United States Bankruptcy Court for the Southern District of New York for their work on the global liquidation of BLMIS from December 1, 2024 through March 31, 2025.

• The Application seeks approval of fees, representing approximately 67,471.40 hours of professional and paraprofessional services, which were billed at an average public interest discounted rate of approximately $575.94 per hour.

• The public interest discount applied represents a reduction of 10 percent from standard rates and it resulted in a total voluntary reduction during the four-month Compensation Period of $4,317,711.37. Additionally, the SIPA Trustee and BakerHostetler voluntarily adjusted their fees by writing off $2,677,506.90 (not including the 10 percent public interest discount) and wrote off expenses customarily charged to other clients in the amount of $95,192.29.

• The fees requested are reasonable based on the customary compensation charged by comparably skilled practitioners in Chapter 11 matters as well as comparable bankruptcy and non-bankruptcy cases in the competitive national legal market.

• After applying the public interest discount, the total fees requested for the period were $38,859,402.33 (of which $34,973,462.10 is to be paid currently and $3,885,940.23 is to be held back through the conclusion of the liquidation period or until further order by the Court). In addition, $543,753.72 was requested as reimbursement of the actual and necessary costs and expenses incurred by the SIPA Trustee and BakerHostetler in connection with the recovery effort. A $11,707,242.16 portion of the overall holdback amount of $23,414,484.33 was requested from the Bankruptcy Court with the consent and approval of the Securities Investor Protection Corporation (SIPC).

As noted in the Fee Application:

• During the Compensation Period of December 1, 2024 through March 31, 2025, without the need for protracted litigation, the SIPA Trustee settled eight cases for $58,000,000.00. The SIPA Trustee entered into settlements subsequent to the Compensation Period that have and will bring additional funds into the Customer Fund.

• As of the end of the Compensation Period (March 31, 2025), the SIPA Trustee dismissed 284 Hardship Program applicant-defendants from avoidance actions after reviewing the facts and circumstances presented in each application and through additional information requested and verified by the SIPA Trustee.

The SIPA Trustee has recovered or entered into agreements to recover $14.765 billion through May 31, 2025. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered.

The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims. One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims.

The SIPA Trustee has distributed approximately $14.58 billion to BLMIS customers with allowed claims through May 31, 2025, which includes $850.4 million in funds committed to be advanced by SIPC. All allowed customer claims up to approximately $1.741 million have been fully satisfied.

The first pro rata interim distribution commenced on October 5, 2011 and to date equals approximately $891.1 million. A second pro rata interim distribution commenced on September 19, 2012 and to date equals approximately $6.478 billion. The third pro rata interim distribution commenced on March 29, 2013 and to date equals approximately $907.3 million. The fourth pro rata interim distribution commenced on May 5, 2014, and the SIPA Trustee has distributed approximately $610.4 million. In the fifth pro rata interim distribution, which commenced on February 6, 2015, he has distributed approximately $526 million. In the sixth pro rata interim distribution, which commenced on December 4, 2015, the SIPA Trustee distributed approximately $1.578 billion. The seventh pro rata interim distribution commenced on June 30, 2016 and to date equals approximately $248.5 million. The eighth pro rata interim distribution commenced on February 2, 2017 and to date equals approximately $328.8 million. The ninth pro rata interim distribution commenced on February 22, 2018, and the SIPA Trustee has distributed approximately $721.7 million. The tenth pro rata interim distribution commenced on February 22, 2019, and the SIPA Trustee has distributed approximately $515.9 million. The eleventh pro rata interim distribution commenced on February 28, 2020, and the SIPA Trustee has distributed approximately $372 million. The twelfth pro rata interim distribution commenced on February 26, 2021, and the SIPA Trustee has distributed approximately $233.1 million. The thirteenth pro rata interim distribution commenced on February 25, 2022, and the SIPA Trustee has distributed approximately $113.4 million. The fourteenth pro rata interim distribution commenced on February 24, 2023, and the SIPA Trustee distributed approximately $49.7 million. The fifteenth pro rata interim distribution commenced on February 23, 2024, and the SIPA Trustee distributed approximately $­­78.6 million. In the sixteenth pro rata interim distribution, which commenced on February 28, 2025, the SIPA Trustee distributed approximately $76.8 million.

In addition, SIPC has made advances available to the court-appointed SIPA Trustee to distribute to accounts with allowed claims (up to $500,000 maximum), as a way to expedite financial relief to those account holders. To date, SIPC has committed $850.4 million to the BLMIS liquidation for this purpose. SIPC-committed advances will continue to increase as claims that are currently in litigation are allowed as a result of settlements or the conclusion of litigation. Under SIPA, SIPC must be reimbursed for its advances to customers. To date, SIPC has received approximately $261.5 million in reimbursement.

The Bankruptcy Court hearing for approval of the 48th Fee Application has been scheduled for August 27, 2025 at 10 a.m.

The BakerHostetler attorneys who worked on behalf of the SIPA Trustee filing this Fee Application include David J. Sheehan, Seanna R. Brown and Heather R. Wlodek.

The filing is available on the Bankruptcy Court’s website: www.nysb.uscourts.gov; Case No. 08-01789. The Fee Application as well as additional information on recoveries, settlements and court filings can be found on the SIPA Trustee’s website: www.madofftrustee.com.

Statement Regarding Forty-Eighth Fee Application

MADOFF TRUSTEE REACHES RECOVERY AGREEMENT WITH LUXEMBOURG INVESTMENT FUND AND LUXEMBOURG INVESTMENT FUND U.S. EQUITY PLUS

Settlement Increases Customer Fund by $498.3 Million

NEW YORK, NY and WASHINGTON, DC – June 4, 2025 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), announced a recovery agreement with Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus, as represented by their Liquidators, Maître Alain Rukavina and Paul Laplume (collectively, “LIF”). LIF was a Luxembourg investment fund invested exclusively with BLMIS as UBS (Luxembourg) S.A. beginning in September 2005. As set forth in the motion filed today in the United States Bankruptcy Court for the Southern District of New York seeking approval of the agreement, the settlement resolves both the SIPA Trustee’s claims in the amended complaint and LIF’s customer claim. 

Under the terms of the agreement, the SIPA Trustee will receive $498.3 million for the benefit of the BLMIS Customer Fund. The payment amount represents 100 percent of the transfers LIF received from BLMIS. In addition, the Trustee will share 15% of the proceeds from a lawsuit that LIF commenced in Luxembourg against UBS relating to Madoff’s Ponzi scheme. The approval hearing has been set for June 25, 2025 at 10:00 a.m. EST.

LIF will receive an allowed customer claim of approximately $758.8 million and a corresponding catch-up distribution based on the sixteen pro rata interim distributions made to date. At closing, LIF will fund the $498.3 million settlement payment through a deduction from the catch-up distribution on the allowed claim and an assignment of the SIPC advance owed on the allowed claim to the SIPA Trustee. The SIPA Trustee will pay LIF approximately $45.1 million, consisting of the net balance of the catch-up distribution due on the allowed claim.

“We congratulate the SIPA Trustee and his team for their success in reaching this important settlement agreement,” said Josephine Wang, President and Chief Executive Officer of SIPC.

“The settlement with LIF not only resolves our case against a significant international defendant, but it also has the benefit of freeing up reserves in the customer fund for distribution to other Madoff customers with allowed claims who have yet to recover their principal,” Mr. Picard said. “I want to thank David Sheehan and his legal team for their commitment to achieving this successful outcome.”

“While it’s taken extensive negotiations, we are gratified to achieve a successful resolution while avoiding the time, expense and uncertainty of international litigation,” said David J. Sheehan, Chief Counsel to the SIPA Trustee.

“It’s deeply rewarding to reach this comprehensive and favorable resolution, recovering the full amount of the claim and the potential for additional proceeds from the Luxembourg litigation,” said Oren Warshavsky, counsel to the SIPA Trustee. “This settlement reflects the strength of our legal position as well as the unwavering commitment, strategic excellence, and collaborative spirit of our legal team.”

The SIPA Trustee’s motion can be found on the United States Bankruptcy Court’s website at http://www.nysb.uscourts.gov/; Bankr. S.D.N.Y., No. 08-01789 (LGB) / Adv. Pro. No. 10-05311 (LGB). The motion – as well as further information on recoveries to date, other legal proceedings, further settlements, and general information – can also be found on the SIPA Trustee’s website: www.madofftrustee.com.

Ms. Wang and Messrs. Picard and Sheehan would like to thank the Securities Investor Protection Corporation’s Michael Post, Kevin H. Bell, Nathanael Kelley, and Nicholas Hallenbeck, as well as Baker Hostetler attorneys Mr. Warshavsky, Michelle R. Usitalo, Tatiana Markel, Geoffrey North, and Gonzalo Zeballos, who assisted with the work on this matter and settlement.

Madoff Trustee Reaches Recovery Agreement with Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus

Sixteenth Pro Rata Interim Distribution of Recovered Funds to Madoff Claims Holders Commences Totaling More Than $76 Million

Eligible Madoff Customers Have Now Received More Than $14.58 Billion from the SIPA Trustee

NEW YORK and WASHINGTON, DC – February 28, 2025 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), announced that the sixteenth pro rata interim distribution from the Customer Fund to eligible BLMIS customers commenced today.

The SIPA Trustee is distributing more than $76 million on a pro rata basis to BLMIS account holders with allowed claims. Including today’s distribution, the aggregate amount sent to eligible BLMIS customers will total more than $14.58 billion, which includes approximately $850.4 million in advances committed by the Securities Investor Protection Corporation (SIPC). The sixteenth interim distribution represents 0.410 percent of each allowed claim and will be paid on claims relating to 769 accounts.

Approximately 71.546 percent of each customer’s allowed claim will have now been paid when combined with the prior 15 distributions in aggregate, unless that claim has been fully satisfied. Following the sixteenth distribution, 1,523 accounts with claims up to $1.741 million will be fully satisfied out of the 2,290 accounts with allowed claims.

“We are pleased that the tireless efforts in the Madoff proceeding are resulting in a sixteenth distribution to customers,” said Josephine Wang, SIPC president and CEO. “We remain confident of future recoveries.”

The sixteenth pro rata interim distribution was reached as a result of settlements and litigation since the last interim distribution in February 2024. The average payment for an allowed claim in the sixteenth interim distribution totals $99,931.25. The smallest payment totals $64.45 and the largest payment is $10,035,519.26.

“I’d like to thank both SIPC for its continued support, and David Sheehan and his legal team for their diligent work these past 16 years,” said Mr. Picard. “We have been encouraged by recent settlements that significant recoveries are still possible, and our work will continue until all possible recoveries are achieved.”

“Our entire team remains committed to identifying and recovering Madoff funds globally until all allowed claimants recover their losses,” said David J. Sheehan, Chief Counsel to the SIPA Trustee. “With numerous pending settlements and court cases in the pipeline, we remain optimistic that Madoff customers can look forward to additional compensation in the coming years.”

As of January 31, 2025, and since his appointment in December 2008, the SIPA Trustee has amassed approximately $14.739 billion as a result of recoveries and settlement agreements. These recoveries exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered.

Subject to Court approval, 100 percent of the SIPA Trustee’s recoveries are allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. None of the money recovered is used to pay administrative costs. All Trustee, legal and accounting fees, as well as administrative expenses, are paid by SIPC.

More information on overall recoveries to date and the liquidation can be found on the SIPA Trustee’s website: www.madofftrustee.com.

Ms. Wang and Messrs. Picard and Sheehan would like to thank Seanna Brown and Heather Wlodek of BakerHostetler, who worked on the sixteenth pro rata interim distribution and its related filings, as well as BakerHostetler, Windels Marx, and all of the attorneys and professionals whose work has led to the distribution. They would also like to thank Vineet Sehgal and his colleagues at AlixPartners, as well as Michael Post, Kevin H. Bell, Nathanael Kelley, Nicholas Hallenbeck, and their colleagues at SIPC, for their ongoing work and participation in the Madoff Recovery Initiative.

Created by Congress, SIPC was established as a nonprofit under the Securities Investor Protection Act of 1970. It was tasked with creating and administering a fund that would be used to restore investors’ missing assets in the event of a brokerage firm failure. Since 1971, through 330 liquidation proceedings, SIPC has distributed more than $142 billion for the benefit of more than 773,000 investors who otherwise might have lost their life savings.

Sixteenth Pro Rata Interim Distribution of Recovered Funds to Madoff Claims Holders Commences; Totals More Than $76 Million

Statement from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)

Attributable to Heather Wlodek, spokeswoman for Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and his counsel:

On Friday, February 21, 2025, the SIPA Trustee and his Counsel at BakerHostetler filed the 47th Interim Fee Application with the United States Bankruptcy Court for the Southern District of New York for their work on the global liquidation of BLMIS from August 1, 2024 through November 30, 2024.

• The Application seeks approval of fees, representing 72,621.30 hours of professional and paraprofessional services, which were billed at an average public interest discounted rate of approximately $556.05 per hour.

• The public interest discount applied represents a reduction of 10 percent from standard rates and it resulted in a total voluntary reduction during the four-month Compensation Period of $4,486,768.99. Additionally, the SIPA Trustee and BakerHostetler voluntarily adjusted their fees by writing off $2,603,144.50 (not including the 10 percent public interest discount) and wrote off expenses customarily charged to other clients in the amount of $74,285.34.

• The fees requested are reasonable based on the customary compensation charged by comparably skilled practitioners in Chapter 11 matters as well as comparable bankruptcy and non-bankruptcy cases in the competitive national legal market.

• After applying the public interest discount, the total fees requested for the period were $40,380,920.91 (of which $36,342,828.82 is to be paid currently and $4,038,092.09 is to be held back through the conclusion of the liquidation period or until further order by the Court). In addition, $374,881.18 was requested as reimbursement of the actual and necessary costs and expenses incurred by the SIPA Trustee and BakerHostetler in connection with the recovery effort.

As noted in the Fee Application:

• During the Compensation Period of August 1, 2024 through November 30, 2024, without the need for protracted litigation, the SIPA Trustee settled one case for $1,025,000.00. The SIPA Trustee entered into settlements subsequent to the Compensation Period that have and will bring additional funds into the Customer Fund.

• As of the end of the Compensation Period (November 30, 2024), the SIPA Trustee dismissed 284 Hardship Program applicant-defendants from avoidance actions after reviewing the facts and circumstances presented in each application and through additional information requested and verified by the SIPA Trustee.

The SIPA Trustee has recovered or entered into agreements to recover approximately $14.739 billion through January 31, 2025. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered.

The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims. One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims.

The SIPA Trustee has distributed approximately $14.504 billion to BLMIS customers with allowed claims through January 31, 2025, which includes $850.4 million in funds committed to be advanced by SIPC. All allowed customer claims up to approximately $1.731 million have been fully satisfied.

The first pro rata interim distribution commenced on October 5, 2011 and to date equals approximately $891.1 million. A second pro rata interim distribution commenced on September 19, 2012 and to date equals approximately $6.478 billion. The third pro rata interim distribution commenced on March 29, 2013 and to date equals approximately $907.3 million. The fourth pro rata interim distribution commenced on May 5, 2014, and the SIPA Trustee has distributed approximately $610.4 million. In the fifth pro rata interim distribution, which commenced on February 6, 2015, he has distributed approximately $526 million. In the sixth pro rata interim distribution, which commenced on December 4, 2015, the SIPA Trustee distributed approximately $1.578 billion. The seventh pro rata interim distribution commenced on June 30, 2016 and to date equals approximately $248.5 million. The eighth pro rata interim distribution commenced on February 2, 2017 and to date equals approximately $328.8 million. The ninth pro rata interim distribution commenced on February 22, 2018, and the SIPA Trustee has distributed approximately $721.7 million. The tenth pro rata interim distribution commenced on February 22, 2019, and the SIPA Trustee has distributed approximately $515.9 million. The eleventh pro rata interim distribution commenced on February 28, 2020, and the SIPA Trustee has distributed approximately $372 million. The twelfth pro rata interim distribution commenced on February 26, 2021, and the SIPA Trustee has distributed approximately $233.1 million. The thirteenth pro rata interim distribution commenced on February 25, 2022, and the SIPA Trustee has distributed approximately $113.4 million. The fourteenth pro rata interim distribution commenced on February 24, 2023, and the SIPA Trustee distributed approximately $49.7 million. The fifteenth pro rata interim distribution commenced on February 23, 2024, and the SIPA Trustee distributed approximately $­­78.6 million.

In addition, SIPC has made advances available to the court-appointed SIPA Trustee to distribute to accounts with allowed claims (up to $500,000 maximum), as a way to expedite financial relief to those account holders. To date, SIPC has committed $850.4 million to the BLMIS liquidation for this purpose. SIPC-committed advances will continue to increase as claims that are currently in litigation are allowed as a result of settlements or the conclusion of litigation. Under SIPA, SIPC must be reimbursed for its advances to customers. To date, SIPC has received approximately $258.1 million in reimbursement.

The Bankruptcy Court hearing for approval of the 47th Fee Application has been scheduled for April 30, 2025 at 10 a.m.

The BakerHostetler attorneys who worked on behalf of the SIPA Trustee filing this Fee Application include David J. Sheehan, Seanna R. Brown and Heather R. Wlodek.

The filing is available on the Bankruptcy Court’s website: www.nysb.uscourts.gov; Case No. 08-01789. The Fee Application as well as additional information on recoveries, settlements and court filings can be found on the SIPA Trustee’s website: www.madofftrustee.com.

Statement Regarding Forty-Seventh Fee Application

Statement from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)

Attributable to Heather Wlodek, spokeswoman for Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and his counsel: 

NEW YORK, NEW YORK – January 21, 2025 – The United States Bankruptcy Court for the Southern District of New York today approved the SIPA Trustee’s request for an allocation to the BLMIS Customer Fund and authorized the SIPA Trustee to proceed with the sixteenth pro rata interim distribution from the Customer Fund to BLMIS customers with allowed claims.

As previously announced on December 11, 2024, with today’s court approval, the SIPA Trustee will allocate more than $101 million to the BLMIS Customer Fund, with more than $35.8 million available for immediate distribution to customers with allowed claims.  

This sixteenth pro rata interim distribution, when combined with the prior fifteen distributions, will equal at least 71.327 percent of each customer’s allowed claim amount, unless that claim has been fully satisfied. The aggregate amount distributed to eligible BLMIS customers will total approximately $14.54 billion, which includes advances committed by the Securities Investor Protection Corporation (SIPC). All allowed customer claims up to $1.741 million will be fully satisfied after the distribution. The distribution is expected to commence by late February. 

The Sixteenth Customer Fund Allocation and Distribution Motion can be found on the United States Bankruptcy Court’s website at http://www.nysb.uscourts.gov/; Bankr. S.D.N.Y., No. 08-01789 (LGB). It can also be found on the SIPA Trustee’s website along with more information on the BLMIS liquidation at www.madofftrustee.com.

Link to the December 11, 2024 press release:

https://www.madofftrustee.com/document/news/001370-final-sixteenth-allocation-press-release.pdf

Statement Regarding Bankruptcy Court Approval of Sixteenth Pro Rata Interim Distribution

Madoff Trustee Requests Allocation of More Than $101 Million to Customer Fund and Court Approval to Distribute More Than $35 Million to BLMIS Customers with Allowed Claims

Sixteenth Pro Rata Interim Distribution Will Bring Aggregate Customer Payout in Madoff Liquidation to Nearly $14.54 Billion

NEW YORK, NEW YORK and WASHINGTON, DC – December 11, 2024 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion today in the United States Bankruptcy Court for the Southern District of New York seeking approval for an allocation of more than $101 million in recoveries to the BLMIS Customer Fund and an authorization for a sixteenth pro rata interim distribution of more than $35.8 million from the Customer Fund to BLMIS customers with allowed claims. A hearing on the motion has been scheduled for January 29, 2025 at 10:00 a.m. EST.

The proposed sixteenth pro rata interim distribution is the result of approximately $101.7 million in settlements and recoveries achieved by the SIPA Trustee and the legal teams since the last interim distribution in February 2024. 

“We’re pleased to be in a position to make another distribution to Madoff customers with allowed claims,” said Josephine Wang, President and Chief Executive Officer of the Securities Investor Protection Corporation (SIPC). “Thanks to the dedication of the SIPA Trustee and his legal team, in cooperation with SIPC’s legal team, we are continuing to recover funds for victims of the Madoff fraud.”

“Once this latest distribution is made, 1,523 accounts will be made whole, which is beyond all expectation at the onset of our work,” said Mr. Picard. “Our legal team, led by David Sheehan, has been working tirelessly to explore every avenue for recoveries, and we thank SIPC for its ongoing support of our efforts.”

“Our work is continuing in many jurisdictions worldwide, and we are optimistic that significant recoveries still lie ahead,” said David J. Sheehan, Chief Counsel to the SIPA Trustee. “I would also like to personally thank my team members for their hard work over the last 16 years.”

Sixteenth Distribution Will Bring Total Amount Restored to Nearly $14.54 Billion

When combined with the prior fifteen distributions, the sixteenth distribution will equal 71.327% percent of each customer’s allowed claim amount, unless that claim has been fully satisfied. The aggregate amount distributed to eligible BLMIS customers will total approximately $14.54 billion, including approximately $850.4 million in advances committed by SIPC. 

As of October 31, 2024, the SIPA Trustee has recovered or reached agreements to recover approximately $14.709 billion. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollars and percentage of stolen funds recovered.

The proposed distribution will be paid on claims relating to 769 BLMIS accounts and represents approximately 0.191% of their net equity claims, with an average payment amount of $46,556.21. When combined with the previous fifteen distributions and $850.4 million in advances committed by SIPC, 1,523 accounts with an allowed claim amount of up to $1.741 million will be fully satisfied following the sixteenth interim distribution.

No funds recovered in the Madoff Recovery Initiative are used to pay costs associated with the recovery. All trustee, legal, and accounting fees, as well as administrative expenses, are paid by SIPC.

The Sixteenth Customer Fund Allocation and Distribution Motion can be found on the United States Bankruptcy Court’s website at http://www.nysb.uscourts.gov/; Bankr. S.D.N.Y., No. 08-01789 (CGM). It can also be found on the SIPA Trustee’s website along with more information on the BLMIS liquidation at: www.madofftrustee.com.

Ms. Wang and Messrs. Picard and Sheehan would like to thank Seanna Brown and Heather Wlodek of BakerHostetler, who worked on the sixteenth pro rata interim distribution and its related filings, as well as BakerHostetler, Windels Marx and all of the attorneys and professionals whose work has led to the distribution. They would also like to thank Vineet Sehgal and his colleagues at AlixPartners, as well as Michael Post, Kevin H. Bell, Nathanael Kelley, Nicholas Hallenbeck, and their colleagues at SIPC, for their ongoing work and participation in the Madoff Recovery Initiative distributions.

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Madoff Trustee Requests Allocation of More Than $101 Million to Customer Fund and Court Approval to Distribute More Than $35 Million to BLMIS Customers with Allowed Claims

Statement from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)

Attributable to Heather Wlodek, spokeswoman for Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and his counsel:

On Friday, October 25, 2024, the SIPA Trustee and his Counsel at BakerHostetler filed the 46th Interim Fee Application with the United States Bankruptcy Court for the Southern District of New York for their work on the global liquidation of BLMIS from April 1, 2024 through July 31, 2024.

• The Application seeks approval of fees, representing approximately 76,771.30 hours of professional and paraprofessional services, which were billed at an average public interest discounted rate of approximately $553.82 per hour.

• The public interest discount applied represents a reduction of 10 percent from standard rates and it resulted in a total voluntary reduction during the four-month Compensation Period of $4,724,154.64. Additionally, the SIPA Trustee and BakerHostetler voluntarily adjusted their fees by writing off $3,004,700.70 (not including the 10 percent public interest discount) and wrote off expenses customarily charged to other clients in the amount of $98,221.98.

• The fees requested are reasonable based on the customary compensation charged by comparably skilled practitioners in Chapter 11 matters as well as comparable bankruptcy and non-bankruptcy cases in the competitive national legal market.

• After applying the public interest discount, the total fees requested for the period were $42,517,391.76 (of which $38,265,652.58 is to be paid currently and $4,251,739.18 is to be held back through the conclusion of the liquidation period or until further order by the Court). In addition, $975,315.91 was requested as reimbursement of the actual and necessary costs and expenses incurred by the SIPA Trustee and BakerHostetler in connection with the recovery effort.

As noted in the Fee Application:

• During the Compensation Period of April 1, 2024 through July 31, 2024, without the need for protracted litigation, the SIPA Trustee settled three cases for $42,897,245.08. The SIPA Trustee entered into settlements subsequent to the Compensation Period that have and will bring additional funds into the Customer Fund.

• As of the end of the Compensation Period (July 31, 2024), the SIPA Trustee dismissed 284 Hardship Program applicant-defendants from avoidance actions after reviewing the facts and circumstances presented in each application and through additional information requested and verified by the SIPA Trustee.

The SIPA Trustee has recovered or entered into agreements to recover over $14.705 billion through September 30, 2024. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered.

The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims. One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims.

The SIPA Trustee has distributed approximately $14.504 billion to BLMIS customers with allowed claims through September 30, 2024, which includes $850.4 million in funds committed to be advanced by SIPC. All allowed customer claims up to approximately $1.731 million have been fully satisfied.

The first pro rata interim distribution commenced on October 5, 2011 and to date equals approximately $891.1 million. A second pro rata interim distribution commenced on September 19, 2012 and to date equals approximately $6.478 billion. The third pro rata interim distribution commenced on March 29, 2013 and to date equals approximately $907.3 million. The fourth pro rata interim distribution commenced on May 5, 2014, and the SIPA Trustee has distributed approximately $610.4 million. In the fifth pro rata interim distribution, which commenced on February 6, 2015, he has distributed approximately $526 million. In the sixth pro rata interim distribution, which commenced on December 4, 2015, the SIPA Trustee distributed approximately $1.578 billion. The seventh pro rata interim distribution commenced on June 30, 2016 and to date equals approximately $248.5 million. The eighth pro rata interim distribution commenced on February 2, 2017 and to date equals approximately $328.8 million. The ninth pro rata interim distribution commenced on February 22, 2018, and the SIPA Trustee has distributed approximately $721.7 million. The tenth pro rata interim distribution commenced on February 22, 2019, and the SIPA Trustee has distributed approximately $515.9 million. The eleventh pro rata interim distribution commenced on February 28, 2020, and the SIPA Trustee has distributed approximately $372 million. The twelfth pro rata interim distribution commenced on February 26, 2021, and the SIPA Trustee has distributed approximately $233.1 million. The thirteenth pro rata interim distribution commenced on February 25, 2022, and the SIPA Trustee has distributed approximately $113.4 million. The fourteenth pro rata interim distribution commenced on February 24, 2023, and the SIPA Trustee distributed approximately $49.7 million. The fifteenth pro rata interim distribution commenced on February 23, 2024, and the SIPA Trustee distributed approximately $­­78.6 million.

In addition, SIPC has made advances available to the court-appointed SIPA Trustee to distribute to accounts with allowed claims (up to $500,000 maximum), as a way to expedite financial relief to those account holders. To date, SIPC has committed $850.4 million to the BLMIS liquidation for this purpose. SIPC-committed advances will continue to increase as claims that are currently in litigation are allowed as a result of settlements or the conclusion of litigation. Under SIPA, SIPC must be reimbursed for its advances to customers. To date, SIPC has received approximately $258.1 million in reimbursement.

The Bankruptcy Court hearing for approval of the 46th Fee Application has been scheduled for December 18, 2024 at 10 a.m.

The BakerHostetler attorneys who worked on behalf of the SIPA Trustee filing this Fee Application include David J. Sheehan, Seanna R. Brown and Heather R. Wlodek.

The filing is available on the Bankruptcy Court’s website: www.nysb.uscourts.gov; Case No. 08-01789. The Fee Application as well as additional information on recoveries, settlements and court filings can be found on the SIPA Trustee’s website: www.madofftrustee.com.

Statement Regarding Forty-Sixth Fee Application

Statement from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)

Attributable to Heather Wlodek, spokeswoman for Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and his counsel:

On Friday, June 28, 2024, the SIPA Trustee and his Counsel at BakerHostetler filed the 45th Interim Fee Application with the United States Bankruptcy Court for the Southern District of New York for their work on the global liquidation of BLMIS from December 1, 2023 through March 31, 2024.

• The Application seeks approval of fees, representing approximately 75,254.90 hours of professional and paraprofessional services, which were billed at an average public interest discounted rate of approximately $552.75 per hour.

• The public interest discount applied represents a reduction of 10 percent from standard rates and it resulted in a total voluntary reduction during the four-month Compensation Period of $4,621,878.39. Additionally, the SIPA Trustee and BakerHostetler voluntarily adjusted their fees by writing off $2,421,442.90 (not including the 10 percent public interest discount) and wrote off expenses customarily charged to other clients in the amount of $87,113.55.

• The fees requested are reasonable based on the customary compensation charged by comparably skilled practitioners in Chapter 11 matters as well as comparable bankruptcy and non-bankruptcy cases in the competitive national legal market.

• After applying the public interest discount, the total fees requested for the period were $41,596,905.51 (of which $37,437,214.96 is to be paid currently and $4,159,690.55 is to be held back through the conclusion of the liquidation period or until further order by the Court). In addition, $608,136.02 was requested as reimbursement of the actual necessary costs and expenses incurred by the SIPA Trustee and BakerHostetler in connection with the recovery effort. A $11,238,712.83 portion of the overall holdback amount of $22,477,425.66 was requested from the Bankruptcy Court with the consent and approval of the Securities Investor Protection Corporation (SIPC).

As noted in the Fee Application:

• During the Compensation Period of December 1, 2023 through March 31, 2024, without the need for protracted litigation, the SIPA Trustee settled seven cases for $36,865,216.35. The SIPA Trustee entered into settlements subsequent to the Compensation Period that have and will bring additional funds into the Customer Fund.

• As of the end of the Compensation Period (March 31, 2024), the SIPA Trustee dismissed 284 Hardship Program applicant-defendants from avoidance actions after reviewing the facts and circumstances presented in each application and through additional information requested and verified by the SIPA Trustee.

The SIPA Trustee has recovered or entered into agreements to recover $14.694 billion through May 31, 2024. This recovery far exceeds any prior restitution effort related to Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered.

The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims. One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims.

The SIPA Trustee has distributed approximately $14.504 billion to BLMIS customers with allowed claims through May 31, 2024, which includes $850.4 million in funds committed to be advanced by SIPC. All allowed customer claims up to approximately $1.731 million have been fully satisfied.

The first pro rata interim distribution commenced on October 5, 2011 and to date equals approximately $891.1 million. A second pro rata interim distribution commenced on September 19, 2012 and to date equals approximately $6.478 billion. The third pro rata interim distribution commenced on March 29, 2013 and to date equals approximately $907.3 million. The fourth pro rata interim distribution commenced on May 5, 2014, and the SIPA Trustee has distributed approximately $610.4 million. In the fifth pro rata interim distribution, which commenced on February 6, 2015, he has distributed approximately $526 million. In the sixth pro rata interim distribution, which commenced on December 4, 2015, the SIPA Trustee distributed approximately $1.578 billion. The seventh pro rata interim distribution commenced on June 30, 2016 and to date equals approximately $248.5 million. The eighth pro rata interim distribution commenced on February 2, 2017 and to date equals approximately $328.8 million. The ninth pro rata interim distribution commenced on February 22, 2018, and the SIPA Trustee has distributed approximately $721.7 million. The tenth pro rata interim distribution commenced on February 22, 2019, and the SIPA Trustee has distributed approximately $515.9 million. The eleventh pro rata interim distribution commenced on February 28, 2020, and the SIPA Trustee has distributed approximately $372 million. The twelfth pro rata interim distribution commenced on February 26, 2021, and the SIPA Trustee has distributed approximately $233.1 million. The thirteenth pro rata interim distribution commenced on February 25, 2022, and the SIPA Trustee has distributed approximately $113.4 million. The fourteenth pro rata interim distribution commenced on February 24, 2023, and the SIPA Trustee distributed approximately $49.7 million. The fifteenth pro rata interim distribution commenced on February 23, 2024, and the SIPA Trustee distributed approximately $¬¬78.6 million.

In addition, SIPC has made advances available to the court-appointed SIPA Trustee to distribute to accounts with allowed claims (up to $500,000 maximum), as a way to expedite financial relief to those account holders. To date, SIPC has committed $850.4 million to the BLMIS liquidation for this purpose. SIPC-committed advances will continue to increase as claims that are currently in litigation are allowed as a result of settlements or the conclusion of litigation. Under SIPA, SIPC must be reimbursed for its advances to customers. To date, SIPC has received approximately $258.1 million in reimbursement.

The Bankruptcy Court hearing for approval of the 45th Fee Application has been scheduled for August 28, 2024 at 10 a.m.
The BakerHostetler attorneys who worked on behalf of the SIPA Trustee filing this Fee Application include David J. Sheehan, Seanna R. Brown and Heather R. Wlodek.

The filing is available on the Bankruptcy Court’s website: www.nysb.uscourts.gov; Case No. 08-01789. The Fee Application as well as additional information on recoveries, settlements and court filings can be found on the SIPA Trustee’s website: www.madofftrustee.com.

Statement Regarding Forty-Fifth Fee Application