Madoff recovery fees could top $1bn for legal advice

Lawyers chasing $17bn in losses for former clients of the ponzi schemes run by Bernard Madoff could see their fees top $1bn, according to BakerHostetler.
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Fees for lawyers over the Bernie Madoff ponzi scheme could top $1 billion Beauty Prof

Irving Pickard of BakerHostetler, the court-appointed trustee, said that the fees were a 'very good return on an investment' given the circumstances. People who invested up to $1.16m with the Madoff schemes will get all their money back and those investing more will get at least 61 per cent. So far the lawyers have recovered $11bn of the $17bn. The lion's share of the $11bn - a sum of $7.2bn - comes from the widow of an alleged co-conspirator of Mr Madoff. Source: ABA

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