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November 12, 2013
Retirement Program for Employees of the Town of Fairfield, et al. v. Bernard L. Madoff, et al.: A Connecticut judge has approved a $2.8 million settlement between the Town of Fairfield and an investment firm that the town sued in 2009 over pension fund losses tied to financier Bernard Madoff’s fraud scheme.
The town has now recovered $15.4 million worth of its losses from the scheme, or approximately 80 percent. An attorney representing the town, David Golub, of Silver, Golub & Teitell in Stamford, said the 80 percent recovery rate is much better than any other Madoff victims have done so far. "That’s what’s so nice about this [settlement]," said Golub.
Golub said the town first settled with various