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Business of Law

Trustee Picard Will Be ‘Richer Than Madoff’ Once Legal Bills are Paid, Investor Lawyer Says

Posted May 25, 2011 1:01 PM CDT
By Martha Neil

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A lawyer for 800 investors defrauded in Bernie Madoff's stunning Ponzi scheme complains that trustee Irving Picard will be "richer than Madoff" once his law firm's legal bills are paid.

Attorney Helen Chaitman, who is contesting the latest $44 million bill from Baker & Hostetler, says Picard himself is getting 35 to 50 percent of the billings he generates for his law firm in the Madoff matter, the New York Daily News reports.

If so, Picard eventually will earn some $63 million to $90 million, according to Chaitman's figures.

Earlier coverage:

ABAJournal.com: "Madoff Trustee’s Tally: $7.6B Recovered, $175.5M Sought in Legal Fees, Including Latest $43.2M Bill"

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