|By PR Newswire||
|January 7, 2014 02:38 PM EST||
NEW YORK, Jan. 7, 2014 /PRNewswire/ -- Co-Lead Counsel for the Class of BLMIS/Madoff customers have announced a settlement ("Class Action Settlement") of all potential claims against JPMorgan Chase Bank, N.A. and its parents, subsidiaries and affiliates ("JPMorgan"). The proposed Class Action Settlement will be contemporaneously presented by motions for approval to both United States District Court Judge McMahon and to Bankruptcy Court Judge Lifland.
The settlement of this Class Action is one part of a multi-part resolution of Madoff-related litigation against JPMorgan involving simultaneous, separately negotiated settlements, which include the Class Action Settlement in the amount of $218 million, the SIPA Trustee's Avoidance Action settlement in the amount of $325 million, and a resolution with the U.S. Attorney's Office for the Southern District of New York that includes a civil forfeiture in the amount of $1.7 billion. The payments by JPMorgan in connection with these agreements will total $2.243 billion and will benefit victims of Madoff's Ponzi scheme.
Co-Lead Counsel for the customers, Andrew Entwistle of Entwistle & Cappucci LLP and Reed Kathrein of Hagens Berman, were especially pleased with the settlement. Attorney Entwistle observed that: "It is particularly appropriate that shortly after the 5th anniversary of Madoff's arrest these settlements with JPMorgan will result in such substantial recoveries for Madoff victims." Entwistle also observed that, "In negotiating the Class Action Settlement, Class Counsel's singular goal was to maximize the recoveries of customer-victims of Madoff's fraud. In our view, this goal has been achieved in spectacular fashion."
Attorney Kathrein observed: "This settlement reflects the cooperative efforts of our team and the Trustee and represents a favorable and economically sound resolution to what would otherwise have been a costly and protracted legal battle."
If you wish to discuss this action or have any questions concerning this press release, or your rights or interests with respect to this matter, please contact: Andrew J. Entwistle, Esq. ([email protected]) of Entwistle & Cappucci LLP, 280 Park Avenue, 26th Floor West, New York, NY 10017, Telephone: (212) 894-7200; or Reed Kathrein, Esq. ([email protected]), 715 Hearst Ave., Berkeley California 94710, Telephone (510) 725-3000.
More information about the case can be found at http://www.entwistle-law.com/resources/index. The filed case number is 11-cv-7866 (VM) (U.S. Dist. Ct., S.D.N.Y.).
About Entwistle & Cappucci LLP
Entwistle & Cappucci is a national law firm providing exceptional service to major public corporations, a number of the nation's largest public pension funds, governmental entities, leading institutional investors, domestic and foreign financial services companies, emerging business enterprises and individual entrepreneurs. The lawyers who founded the firm in 1998 did so with a commitment to excellence, integrity and creativity. The firm's approach to the practice of law is business-oriented and pragmatic. It has successfully represented parties in some of the most high profile and complex commercial litigation matters in the country. More information about the firm is available at www.entwistle-law.com.
About Hagens Berman Sobol Shapiro LLP
Seattle-based Hagens Berman Sobol Shapiro LLP is a plaintiff-focused law firm with offices in nine cities across the United States. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of athletes, investors, consumers, workers, whistleblowers and others. More information about the firm is available at www.hbsslaw.com.
SOURCE Entwistle & Cappucci LLP