Proposed Settlement Rejected in Madoff Scheme

2009-08-17 04:21:39 (GMT) (WiredPRNews.com - Business, Law, News)

Wired PR News reports Massachusetts has rejected a settlement offer for state investors affected by the Madoff ponzi scheme.

The state of Massachusetts is rejecting a settlement offer from an investment firm in connection to Bernard Madoff’s investment fraud scandal.

Press Release Service – Wired PR News – Massachusetts has rejected an investment firm’s proposal for repayment of state investors with losses connected to investment fraud by Bernard Madoff. As reported by the Associated Press (AP), the office of Massachusetts Secretary of State William Galvin rejected the offer of nearly $6 million by Fairfield Greenwich Group of New York because the process of identifying all investors who have been affected by the scheme is ongoing.

Thomas Mulligan, a spokesperson for Fairfield Greenwich is quoted by the AP as stating of the firm’s offer, “It would be irresponsible for Fairfield to devote any more time or resources to a case involving at most a dozen people with losses of $6 million, when Fairfield is facing litigation involving thousands of investors and hundreds of millions of dollars elsewhere.”

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