Two groups of offshore funds settle Madoff lawsuits

Bernie Madoff

Two groups of offshore funds that invested in Bernard Madoff’s fraudulent securities firm agreed to pay a combined $370 million to resolve lawsuits by the court-appointed trustee raising cash for victims.

Bloomberg News reports that Lagoon Investment Ltd. and related funds will hand over about $240 million while Thema Fund Ltd. and its affiliates will pay about $130 million, trustee Irving Picard said in a statement Tuesday. Details of the settlements were filed in U.S. Bankruptcy Court in Manhattan, where the suits were filed in 2010.

The deals were struck just one day after the estates of Madoff’s dead sons, Andrew and Mark, agreed to pay a total of $23 million to settle lawsuits by the trustee accusing them of profiting from the scam for years. The trustee has so far raised more than $11.6 billion for victims through hundreds of lawsuits against funds and customers who profited from the scam.

Hit the link below to access the complete Bloomberg News article:

Madoff Trustee Fetches $370 Million After Two Offshore Funds Settle

Deutsche Bank Faces Possible $60 Million Derivative Loss

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