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    Jury Says Ernst & Young Liable for Madoff Investor’s Losses

    A Washington state court jury on Friday found Ernst & Young liable for millions of dollars in losses a Washington investment firm took from the collapse of Bernard Madoff’s Ponzi scheme. More in the Wall Street Journal here.

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    Financial funds linked to Bernard Madoff agree to settlement of $497 million

    Two financial funds linked to the Ponzi scheme have agreed to a court settlement to the tune of $497 million. The tentative settlement between the court trustee and Primeo Fund and Herald Fund SPC will only augment the fund size,which is said to total $10.3 billion and which is being used at the moment to repay Ponzi scheme investors and customers. The announcement was made by Irving Picard, the court trustee on Monday. But the agreement still needs the approval of the US Bankruptcy Court. According to Geoffrey North, the court appointed lawyer for Picard, the agreement will help to avoid delay and coststhat are generally the results of a long drawn and controversial court case. More in the Daily News here.

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    Thybo Asset Management Settles Madoff Clawback Claim for $46M

    Thybo Asset Management, a family office turned hedge fund of funds, has agreed to settle a Madoff-related clawback claim instituted in 2009 by bankruptcy trustee Irving Picard. According to the settlement, which was filed with the U.S. Bankruptcy Court in New York on Friday, Thybo agreed to pay $46.6 million of the original $62 million sought by Picard in allegedly fraudulent transfers during the six years prior to the collapse of the ponzi scheme orchestrated by Madoff through his Madoff Investment Securities LLC. At the same time, Thybo will be allowed a total claim of $186 million against the Madoff estate, from which the $46.6 million will be deducted. More on FinAlternatives here.

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    First Madoff Trial Set in Switzerland to Start Later This Year

    Switzerland will start the criminal trial in early December of the head of the largest of the Geneva feeder funds that channeled money to convicted fraudster Bernie Madoff, seven years after the American admitted cheating investors. The trial of Manuel Echeverria, who ran Banco Santander SA’s Optimal Investment unit, will start Dec. 7 in Geneva’s Tribunal de police, said Henri Della Casa, a spokesman for the Geneva prosecutors’ office. He was charged in 2009 with aggravated mismanagement over his handling of client funds. The lead plaintiff is Franck Berlamont, a client of Echeverria’s. More on Bloomberg here.

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    Alert: H.R.1982 – New Cosponsor

    H.R. 1982: Restoring Main Street Investor Protection and Confidence Act – New Co-sponsor- Congressman Pete Olson [R-TX22] has signed on to co-sponsor H.R. 1982. The bill now has 49 cosponsors (39 Republicans, 10 Democrats).

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