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The Fairfield Greenwich Group has agreed to pay an $8 million settlement to a small group of investors in Massachusetts that lost money through the Madoff scam. This is expected to be a full repayment. Fairfield is also going to pay a $500,000 fine to the Commonwealth of Massachusetts. As part of the deal, the feeder fund does not have to admit any wrongdoing.
According to a report in USA Today, this is the first Madoff case in which a regulator secured some relief for investors. While this only addresses a relative handful of investors, the Massachusetts Secretary of State believes that it may become a precedent for other actions.
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