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Wolf Popper LLP is pleased to report that we and our co-counsel have defeated the application by Irving Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, seeking to enjoin the proposed class action settlement reached between Plaintiffs and the FG Defendants in Anwar v. Fairfield Greenwich Ltd.  The proposed settlement provides for $50.25 million in immediate cash payments as well as other consideration.
 
Judge Victor Marrero, in denying the Trustee’s application in an Order dated March 21, 2013, reiterated that the claims asserted by plaintiffs in the Action are separate and distinct from those possessed by creditors of the Madoff estate:  “The Anwar Plaintiffs are not cutting the Trustee’s (or SIPA’s) lunch line, they are dining in a different cafeteria altogether.”  The Court also called the Trustee’s application “a textbook example of unreasonable delay,” and thus “independently barred as untimely under the equitable doctrine of laches.”

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