NY judge OKs law firm's fees in Madoff liquidation
By JERUSALEM POST STAFFPublished: AUGUST 7, 2009 04:54
A judge on Thursday approved the payment of $14.6 million in fees charged by a Manhattan law firm working with a court-appointed trustee to unravel Bernard Madoff's massive fraud.
In a written order, US Bankruptcy Judge Burton Lifland also signed off on a separate $760,000 bill from trustee Irving Picard for work starting in mid-December to locate and liquidate Madoff's assets.
Picard and the Baker & Hostetler law firm have repeatedly emphasized that a securities industry group that compensates victims of fraud - not Madoff's burned clients - will foot the bill.
Baker & Hostetler, which will also receive $274,000 for expenses, has said it applied a 10 percent "public interest discount" from its standard rates - a reduction of about $1.6 million.
Netanyahu lands in Israel after US trip, ahead of Yom Kippur