Madoff Trustee, Feeder Fund Ink Settlement

Irving Picard has reached a settlement with the liquidators of funds run by a Bernie Madoff feeder fund operator, Fairfield Greenwich Group.

Irving Picard has reached a settlement with the liquidators of funds run by a Bernie Madoff feeder fund operator, Fairfield Greenwich Group, The Wall Street Journal reports. The agreement will see the two sides drop their claims against each other and partner to pursue the feeder fund’s owners, which includes Walter Noel.

Fairfield Greenwich was founded by Noel, along with Andres Piedrahita and Jeffrey Tucker, and fed about $7 billion overall to Madoff. They were charged with ignoring red flags about the Ponzi scheme to make millions of dollars in fees.

Click here for the story from The Wall Street Journal.

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