Banks Agree to Transfer $535 Million to Madoff Firm Trustee

Banks Agree to Transfer $535 Million to Madoff Firm Trustee

By Christopher Scinta

Jan. 29 (Bloomberg) -- Bank of New York Mellon Corp. and JPMorgan Chase & Co. agreed to transfer about $535 million in the accounts of collapsed trading firm Bernard L. Madoff Investment Securities LLC to Irving Picard, the trustee liquidating the brokerage.

Bank of New York agreed to transfer $301.4 million and JPMorgan agreed to transfer another $233.5 million, according to court papers filed in U.S. Bankruptcy Court today in New York.

To contact the reporter on this story: Christopher Scinta in New York bankruptcy court at cscinta@bloomberg.net;

Last Updated: January 29, 2009 16:49 EST