SIPC Comments on Madoff Trustee's Settlement in Katz Case

WASHINGTON, D.C. – March 19, 2012 – The Securities Investor Protection Corporation today applauded the settlement reached today by Irving H. Picard, the Trustee for the SIPA liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”), with partners of Sterling Equities and related persons and entities.

The Sterling parties – including Fred Wilpon, chairman and CEO of the New York Mets, and Saul Katz, president of the New York Mets -- have agreed to pay $162 million over five years to the BLMIS Customer Fund... (more).

SIPC Announces New Acting Chair of its Board of Directors

WASHINGTON, D.C. - February 27, 2012- The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms, today announced the withdrawal of Chairman Orlan Johnson from its Board of Directors. He will be succeeded by Sharon Bowen, who previously served as vice chair of the SIPC board, who will serve as acting chair. ... (more)

SIPC Modernization Task Force Issues Report; Diverse Group of Securities Experts Make Recommendations for Future of Organization

WASHINGTON, D.C. - February 21, 2012 - The report of the SIPC Modernization Task Force outlining legislative recommendations and other changes related to the Securities Investor Protection Corporation (SIPC) is now in the hands of the SIPC Board of Directors. The SIPC Modernization Task Force was created in June 2010 to review the operations of SIPC and to recommend needed changes. The Task Force held a total of 14 meetings and created a Web site http://www.SIPCModernization.org to collect suggestions directly from the public. ...(more)

The full text of the report is available here.