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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Claims Deadline Extended for Madoff Victims

Feb 23, 2014
Jing Chen

Victims of Bernard Madoff’s Ponzi scheme have been given an additional two months to seek compensation.

Reuters reported that Richard Breeden, who oversees the Madoff Victim Fund, and U.S. Attorney Preet Bharara extended the claims deadline to April 30 from February 28 after receiving more than 9,000 claims from people who said were defrauded by Madoff. The fund currently contains approximately $4.05 billion.

Breeden explained that claims has “accelerated dramatically” as more people learn about the fund, which was established in November. He added that “thousands of additional claimants will benefit from having a bit more time.”

Justice was served for some Madoff victims in 2012 after hedge fund manager Ezra Merkin, as part of a settlement with the New York State attorney general’s office, agreed to pay back $405 million to his clients after losing their money to the Ponzi scheme.
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Arrested in December 2008 and pled guilty three months later, Madoff is currently serving a 150-year term in a North Carolina federal prison.

 

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