Madoff Clean-Up Fees to Hit Over $1.3 Billion

The army of lawyers and consultants helping to recover funds from Bernard Madoff’s $19.6 billion fraud stands to earn more than $1.3 billion in fees, according to new figures that detail the cost of liquidating the huge Ponzi scheme. The biggest payment is set to go to Baker Hostetler, the law firm where Irving Picard, the court-appointed trustee charged with recouping money for Mr Madoff’s victims, is a partner. – FT