Madoff Trustee Terminates Employee Benefit Plans

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Madoff Trustee Terminates Employee Benefit Plans

May 29th, 2009 meg

The trustee liquidating Bernard Madoff’s defunct money-management firm has won approval to terminate the company’s life-insurance and disability plans.

Benefits-termination notices were sent on May 15 to all of the firm’s employees. Picard didn’t say how many employees are covered by the plans.

Most of the employees left after Madoff’s Dec. 11 arrest. A few were kept on by Picard to assist in the liquidation.

Madoff faces as many as 150 years in prison when he is sentenced next month for running a $65 billion Ponzi scheme.

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