Special Master Richard C. Breeden

Update from the Special Master

Claims Bar Date Extended
Until April 30, 2014

February 21, 2014

Dear Madoff Investors:

I am pleased to advise you that Manhattan United States Attorney Preet Bharara, announced today that the deadline for petitions to the Madoff Victim Fund has been extended to April 30, 2014 (the "Deadline"). To be eligible for a potential recovery, claims must be received or postmarked on or prior to the Deadline. The SDNY press release is shown below.

MVF has already received more than 9,000 claims from individuals in 75 countries. The average claim we have received so far contains more than 90 pages of backup documentation. We are pleased that more and more potentially eligible victims of the Madoff crimes have become aware of MVF and our application process in recent weeks. We appreciate the efforts of many banks and custodians to notify potentially eligible clients of the opportunity to seek a recovery from MVF. As a result, the pace of claims has accelerated dramatically.

Many potentially eligible victims advised us that they only recently learned of the existence of MVF. In preparing supporting documentation, applicants may have to assemble financial records going back years, and in some cases even decades. Therefore, given the circumstances MVF and DOJ decided that this extension would be appropriate to enable additional victims to complete an application. As much as possible we want to make sure that every real victim has a chance to learn of, and participate in, the claims process.

More than 90% of the claims to date have been received from individuals who either did not file in the bankruptcy, or who had their claim denied as an "indirect" investor. Of the claims received, more than 70% have come from individuals who have not yet recovered anything for their losses. This is a tragic statistic, reflecting an enormous gulf between a few investors who have already recovered all their losses, and a much larger group who have not recovered much if anything. MVF will use its significant resources to help all victims of these vile crimes.


Richard C. Breeden
Special Master

Manhattan U.S. Attorney Announces Extension
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