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Millions Go To Madoff Fund Lawyer, Nothing For Investors

TedTed
in Fund Discussions
FYI: (Click On Article Title At Top Of Google Search)
A firm hired by the U.S. to distribute $4 billion to victims of Bernard Madoff's Ponzi scheme has racked up $38.8 million in billings over four years. The investors are still waiting for their first checks, though.
Regards,
Ted
https://www.google.com/#q=Millions+go+to+Madoff+fund+lawyer,+nothing+for+investors

Comments

  • MarkMark
    Raise your hand if you thought or believed anything different would have happened.
  • VintageFreakVintageFreak
    edited May 2017
    @Mark I am NOT raising my hand. However, I would have thought at least 60% of collections would have gone to investors. If NOTHING has gone to investors, then victims hired the wrong lawyer.

    I am just trying to understand how the lawyer gets $38 million. Did he buy a lottery ticket or what? The other lawyer expects to collect $1B on an "investment". Please tell me now why kids will want to get STEM degrees. The only nerds who make it big are the ones who drop out of college.
  • msf
    edited May 2017
    You mean you can become a lawyer and "earn" millions of bucks without going to school? Okay, honest Abe did (well, the lawyer part, anyway), but who else?
  • MarkMark
    VF - it's been my experience that lawyers always get paid their "usual and customary" fees before whats left gets divided up amongst those who actually suffered losses. It's been going on here in MN in the Tom Petters ponzi scheme for over 8 years now. Claimants piss and moan but generally in the end resign themselves to getting something at least. Judges can rule that the fees are excessive but rarely do. Besides, that often involves hiring and paying more lawyers to fight that business.
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