Some of the world’s biggest banks are jumping into a multibillion-dollar market that buys up victims’ claims in the Bernard Madoff Ponzi scheme, including two banks that have been sued in connection with the fraud…. Investors were receiving offers of just 20 cents to 30 cents on the dollar a year ago, when it was unclear how much money would be recovered. Now, with billions already extracted through settlements reached by a court-appointed trustee and the promise of billions more, deep-pocketed banks are moving in, pushing the offers on claims to roughly 70 cents to 75 cents on the dollar.
Read more: Madoff Claims Attract Banks — WSJ.com
