SIPC Statement on "Net Equity" Court Hearing
WASHINGTON, D.C. – February 2, 2010 – Stephen Harbeck, president of the Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, issued the following statement today: "Regarding the question of 'net equity', for which a hearing is being held today at the United States Bankruptcy Court for the Southern District of New York, we believe
the calculation being used by Irving H. Picard, the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC of New York, NY, is correct …" … (more)
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U.S., Chinese Officials to Cooperate in Cross-Border Brokerage Insolvency, Liquidation Cases
WASHINGTON, D.C. & BEIJING – November 12, 2009 – The Securities Investor Protection Corporation (SIPC) and the China Securities Investor Protection Fund Corporation (SIPF) have entered into a memorandum of understanding (MOU) that will act as a framework for cross-border communication and cooperation with respect to the similar functions undertaken by the groups and covered by the laws of each country. In the U.S., the Securities Investor Protection Corporation (SIPC) maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms. … (more)
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Major Milestone: Over Half a Billion Dollars Advanced by SIPC So Far to Madoff Customers
BLMIS Payouts Now in the Works Exceed the Total of All 321 Previous Proceedings Since Start of SIPC in 1970
NEW YORK CITY & WASHINGTON, D.C. -- October 28, 2009 – The total amount of Securities Investor Protection Corporation (SIPC) advances committed to customers in the Securities Investor Protection Act (SIPA) liquidation proceeding for Bernard L. Madoff Investment Securities LLC (BLMIS) has topped half a billion dollars ($534.25 million), with a total of 2,861 direct customer claims determined to date. … (more) Listen here
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