Law firm submits latest $40M bill in Madoff case, cites $553M recovery
Legal fees continue to add up for the Baker & Hostetler team in charge of liquidating assets of convicted Ponzi schemer Bernard Madoff’s purported investment firm.
Tapped for the job of liquidation trustee at the end of 2008, law firm partner Irving Picard submitted his latest bill, for $40.1 million, in a Wednesday filing at U.S. bankruptcy court in Manhattan.
The bill accounts for over 97,000 hours of billable work from December 2014 through March 2015, and points to nearly $553 million recovered during that period by settling 63 lawsuits, the Wall Street Journal (sub. req.) reports. The average hourly charge is just over $413.
Throughout the representation, Picard’s team has billed over $700 million in legal fees, according to court filings.
An August hearing is scheduled to review the latest bill.
Related coverage:
ABAJournal.com: “Trustee Picard Will Be ‘Richer Than Madoff’ Once Legal Bills are Paid, Investor Lawyer Says”
ABAJournal.com: “Law firm’s latest bill for Madoff liquidation is $50M, bringing total since his 2008 arrest to $440M”
