BakerHostetler, as court-appointed counsel to the Securities Investor Protection Act (SIPA) Trustee Irving H. Picard, has led the recovery of more than 65 percent of the estimated $17.5 billion in principal lost in the Ponzi scheme by Bernard L. Madoff Investment Securities LLC (BLMIS) customers who filed claims. This recovery exceeds any prior restitution effort related to Ponzi schemes both in terms of dollar value and percentage of stolen funds recovered. Through the SIPA Trustee’s distributions and the Securities Investor Protection Corporation (SIPC) Advances, more than $9.725 billion has been distributed to date to BLMIS customers with allowed claims.
Click here or on the image to enlarge The Madoff Recovery Initiative chart.
Starting from a blank slate in late December 2008, the SIPA Trustee and his national team of first-class BakerHostetler attorneys began the work of reconstructing the fraud to build the recovery and litigation strategy for the ongoing liquidation, which is now in its seventh year.
The global BLMIS recovery effort has positioned BakerHostetler as a leader on complex issues related to hedge funds, synthetic investment vehicles and the deconstruction of intricate financial structures. BakerHostetler has expertly handled the never-ending challenges related to a case of this magnitude, squarely at the intersection of policy, government, litigation, e-discovery, internal investigations, corporate reorganization, tax, bankruptcy, securities litigation and international law.
For official information regarding the ongoing proceeding, please visit the Trustee’s website: www.madofftrustee.com.