Bankruptcy Law
Madoff Clients Balk at Trustee's $34M Tab
Former investment clients of Bernard Madoff are challenging the $34 million bill submitted by his bankruptcy trustee, Baker Hostetler partner Irving Picard.
The August 20 statement bills for services between Feb. 1 and May 31, according to the New York Post.
According to Madoff investors, who made the Manhattan Bankruptcy Court filing, they don’t have the ability to evaluate the services, because the court previously ruled that Baker Hostetler doesn’t have to file detailed billing reports.
Kevin McCue, Picard’s spokesperson, declined to comment, according to the Post, but noted that the law firm is paid by Securities Investor Protection Corp., not funds recovered for the victims.
