Madoff Trustee Announces $500MRecovery Agreement With Swiss Bank Union Bancaire Privee

Irving H. Picard, a partner with Baker & Hostetler LLP and the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, announced today that he has entered into a settlement agreement with Union Bancaire Privee, UBP S.A., a Swiss private bank, and a related entity, M-Invest Limited, a Cayman Islands corporation. The Trustee's settlement with UBP and M-Invest is for no less than $470 million in cash and could reach $500 million depending on the outcome of other related actions.