(Editors note: The Madoff fraud case has affected a number of Aspen property owners and it is a story closely followed locally.)
ASPEN REAL ESTATE – Banks agreed to pay about $15.5 billion to settle claims by about 720,000 investors outside the U.S. who lost money in Bernard Madoff’s fraud, said the chairman of a group of law firms representing victims. After the findings were disclosed publicly, some lawyers representing Madoff victims, including members of the lawyer’s group, said they were surprised by the results or questioned the accuracy of the data. “There’s no doubt that the banks are compensating their clients,” Javier Cremades, chairman of Cremades & Calvo-Sotelo and president of the law firm network, said yesterday at a press conference in New York while discussing the results of a survey of the group’s 60 member firms.
By Bob Van Voris et al, May 26, 2010 Bloomberg