Galvin settles with Madoff feeder fund
Secretary of State William F. Galvin's office has reached a settlement agreement of $8 million with Bernard Madoff feeder fund Fairfield Greenwich Advisors.
The hedge fund had previously offered $6 million, which the state turned down; Fairfield Greenwich was slated to appear for hearings with the state starting tomorrow.
Galvin said, "This is significant because it represents the first investment relief from a feeder fund and sets a template for other resolutions elsewhere."
Fairfield, which neither admitted nor denied the allegations of unethical behavior and dishonest practices under the settlement, agreed to pay a $500,000 fine.