Institutional Investors Politics & Regulation Tax & Legal

Court decides in favour of Fairfield pension to recoup some Madoff money

by

The town of Fairfield, Connecticut, is said to have benefited from the lifting of an asset freeze on Bernard Madoff family's assets and feeder funds, orchestrated in Connecticut Superior Court in Bridgeport.

The decision makes the tiny pension fund the first investor to receive pledges of cash or property. A court order is understood to have secured $25 million on behalf of the town pension fund, which had roughly $42 million invested in a Madoff feeder fund offered by Maxam Capital.

Fairfield's initial investment with Madoff was in the Broad Market Fund, which was offered by Tremont Partners.