Tuesday, May 25, 2010
Overseas Madoff investors get 100 cents on the dollar back
The settlements cover about 80 percent of the clients represented by the firms, said Javier Cremades, founder of Cremades & Calvo-Sotelo, a Madrid law firm, who helped organize the global alliance of 60 firms a year ago.
The $15.5 billion figure represents, in theory, 100 percent of the amount clients had invested, Mr. Cremades said, but excludes in almost all cases the bogus paper gains that were listed on investor statements.
Looks like the oversea banks didn't want any discovery on their books!
Posted by Palmoni at 7:57 AM