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Madoff trustee in settlement talks with Bermuda fund manager

Caribbean Net News – The trustee liquidating Bernard Madoff’s business told a judge he is in settlement talks with three Fairfield Greenwich Group hedge funds accused of taking $3.54 billion in fake profit from the conman’s fraud.

Trustee Irving Picard said he’s in similar talks with two funds run by Bermuda-based Kingate Management Ltd., accused of withdrawing $255 million in fake profit from Madoff’s investment advisory business before his Dec. 11 arrest.

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