Irving Picard, the man charged with recovering money for the Madoff victims, has for months been touting that he was close to reaching a huge settlement with the estate of Jeffry Picower, a Florida businessman whom Picard has said withdrew $7.2 billion from the Madoff Ponzi scheme.But the deal isn’t quite ready to be finalized; it’s gotten delayed by other lawsuits competing for the same funds. Click here for the WSJ tale, from reporter Michael Rothfeld.Lawyers for Picard have said in court that the proposed deal with Picower would far exceed $2 billion, more than doubling what he has collected to date.But the negotiations have stalled, largely over a pair of lawsuits against the Picower estate in federal court in Florida, people familiar with the situation said.The suits, which seek class-action status, were filed for Madoff investors whose claims were rejected entirely or in part by Picard on grounds that they were based on fictitious profits and not actual losses.
Posts Tagged ‘Negotiations’
Madoff Settlement on Hold
August 5th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Class Action Status, Exceed 2, Florida Businessman, Investors, Jeffry, Lawsuits, Lawyers, Losses, Money, Negotiations, Picard, Picower, Ponzi Scheme, Profits, Suits, Wsj 
Comments OffUBS and US government reach tax dispute deal
August 13th, 2009 Before You Invest UBS has reached an agreement with the US government that will result in the Swiss bank settling a dispute over tax evasion out of court.Stuart Gibson, US justice department lawyer, said that both parties have settled on the details of a contract.But, Mr Gibson added that it will “take a small time for the agreements to be signed in final form”.Details of the arrangement, such as how many names of the US customers that hold offshore accounts at UBS will be revealed to the government, were not divulged.Florida-based tax lawyer William Sharp told the Associated Press that it is unlikely that such a go would have been made without a “substantial handover” of details.He predicted that “at least several hundred, if not thousands” of names have been supplied to the authorities.Shares in UBS fell earlier this week due to the ongoing negotiations, but have now rebounded on the news.
Posted in Finance Fraud Tags: Authorities, Florida Lawyer, Florida Tax, Handover, Justice Department Lawyer, Little Time, Many Names, Mr Gibson, Negotiations, Offshore Accounts, Shares, Stuart Gibson, Swiss Bank, Tax Dispute, Tax Evasion, Tax Lawyer, Ubs, Us Justice Department, William Sharp No Comments »
