A recent law.com story, “$35 Million More in Interim Fees Awarded in Madoff Case” reports that Trustee Irving H. Picard of Baker & Hostetler, LLP in New York and a team of lawyers liquidating Bernard Madoff’s investment firm have been awarded another $34.6 million in interim attorney fees. Southern District Bankruptcy Judge Burton Lifland approved some $601,000 in fees to Picard and $34 million in attorney fees to Baker & Hostetler for work done from February 1 through May 31. To date, the judge has awarded Picard and his attorneys nearly $97 million in attorney fees.
Picard said he and his attorneys have spent thousands of hours “in support of the Trustee’s efforts to liquidate the estate, determine customer claims, and advance the interests of all customer claimants by initiating litigations and negotiations for the return of customer property.” As of last Saturday, Picard has allowed 2,213 of 13,350 claims, and the Securities Investor Protection Act had committed some $723 million to satisfy customer claims.
According to the fee application, Picard expended 809.70 hours at an average hourly rate of $825.00 during February 1 through May 31 and Baker & Hostetler expended 91,899.70 hours at an average hourly rate of $431.30 for the same period of time.
CLICK HERE to view Picard's Interim Attorney Fee Application (pdf)