News

The Real Deal: Leading the Most Successful Recovery Effort of Its Kind

10 Years of Groundbreaking Work

BakerHostetler, as court-appointed counsel to the Securities Investor Protection Act (SIPA) Trustee Irving H. Picard, has led the recovery of more than $13.3 billion for the benefit of customers of Bernard L. Madoff Investment Securities LLC (BLMIS) with allowed 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 $12.379 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 tenth 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