* Madoff trustee, law firm paid $202.6 mln so far
* More litigation foreseen
* Trustee has recovered $8.7 bln, much tied up in lawsuits
Oct 21 Irving Picard, the trustee seeking money
for victims of Bernard Madoff's fraud, and his law firm were
awarded another $45.3 million of fees by the judge overseeing
the liquidation of the imprisoned Ponzi schemer's investment
In an order made public on Friday, U.S. Bankruptcy Judge
Burton Lifland in Manhattan awarded Baker & Hostetler $44.7
million and Picard $599,301 for their work in the four months
ended May 31, a court filing shows.
They will be paid a respective $40.25 million and $539,371,
for a total of $40.8 million, for the period, reflecting a 10
percent discount from their normal hourly rates.
The award brings total fees awarded to the law firm and
trustee to $225.1 million since Madoff's arrest in December
2008, and the total payout to $202.6 million. Lifland has
awarded an additional $4.9 million to cover expenses.
Picard has filed more than 1,050 lawsuits on behalf of
Madoff's victims, and has said he expects to spend more time on
federal litigation in future compensation periods.
Most of the lawsuits are against former Madoff customers he
believes took out more money from Madoff's firm than they put
in, including owners of the New York Mets baseball team.
Some are against banks such as JPMorgan Chase & Co
and "feeder funds" that dealt with Madoff and that the trustee
believes turned a blind eye to the fraud. Madoff's son Andrew
is appealing a court decision allowing Picard's $199 million
lawsuit against him and other family members to go forward.
Earlier this month, Picard announced his first, $312
million payout to victims. The trustee said he has recovered
about $8.7 billion, but a majority of that sum is tied up in
litigation. A court ruling last month in the Mets case could
reduce potential future recoveries by as much as $6.2 billion.
Madoff, 73, is serving a 150-year prison sentence.
The case is In re: Bernard L. Madoff Investment Securities
LLC, U.S. Bankruptcy Court, Southern District of New York, No.