by Structured Settlement Watchdog
As the extent of the fallout from the massive Madoff Ponzi scheme continues to unfold, the breadth of investors and firms affected is already staggering. According to reports several Israel insurers, European Banks, the owners of the Mets, the IRA of the Chief Economist for Market Watch, numerous charitable foundations (some of whom have been forced to close) and the North-Shore-LIJ Health System.
As if the financial services community needed another confidence sapper, the New York Post reports that international losses alone could exceed $8 billion!
While Mr. Madoff appears destined to meet his maker in jail (unless he does a Ken Lay), the reporting of the fraud in the financial press is likely to cause some confusion. Therefore 4structures.com, LLC has conducted a brief structured settlement survey of the primary structured settlement annuity issuers for official statements on their Madoff exposure, if any. As the responses come in they will be posted here.
Stuctured Annuity Issuers and other Litigation Recovery Management Vendors Who Have Declared NO EXPOSURE to the Madoff Ponzi Scheme
American General Life Insurance Company and American International Life Assurance Company of New York
First Capital Surety and Trust Company
(other structured annuity companies and litigation recovery management vendors will be listed as their responses come in)
Copy of Class Action Complaint against Bernard L. Madoff and Madoff Securities, LLC