Beacon Associates LLC I et al v. Beacon Associates Management Corp. et al (Case 1:14-cv-02294-AJP)November 2019
Update of October 7, 2019: On September 20, 2019, Income Plus Investment Fund (“Income Plus”) and David Fastenberg, Trustee Long Island Vitreo-Retinal Consultants 401k FBO David Fastenberg (“Fastenberg”), filed a motion in the action Beacon Associates LLC I et al. v. Beacon Associates Management Corp., et al., 14-cv-2294 (S.D.N.Y) seeking reimbursement of the legal fees they respectively incurred as a result of participating in the various litigations, commencing in 2009 and ending in 2015, concerning the methodology of calculating distributions of monies received from the Madoff Bankruptcy Trustee. Income Plus seeks a payment from the Funds in the amount of $705,930.79. Fastenberg seeks a payment from the Funds in the amount of $226,558. In their motion, Income Plus and Fastenberg argue that they are entitled to reimbursement of their legal fees (through a percentage recovery) under a theory of the “common fund” doctrine, claiming that their work created a common fund for the benefit of the investors. The Funds intend to oppose the fee application. Individual investors are also permitted and invited to respond to the application. Any opposition must be filed with the court no later than November 20, 2019. In order for our office to file any opposition on your behalf, we must receive your submission no later than November 12, 2019; you should email your submission to Leah Kelman at [email protected].
Legacy Updates from 2014-2015 and related litigation documents are available HERE.
Update of November 5, 2019: On November 1, 2019, David Fastenberg, Trustee Long Island Vitreo-Retinal Consultants 401k FBO David Fastenberg (“Fastenberg”) filed a supplemental declaration clarifying the amount of attorneys’ fees and expenses it seeks in the pending motion.