Maxam Capital GP, LLC ("Maxam" or the Company) is an alternative investment firm based in Canada.

According to the Complaint filed December 10, 2010, the Defendants willfully ignored or were exceedingly reckless in turning a blind eye to many obvious red flags surrounding Bernard Madoff, including that his remarkably consistent double-digit returns could not possibly be achieved.

The Maxam Absolute Return Fund, L.P., which was created as a feeder fund to Madoff, allowed the Defendants to collect higher fees. The Investment Manager of the Fund charged monthly management fees equal to 0.083% of the Net Asset Value of each Limited Partner’s Capital Account.

By the time Madoff’s Ponzi scheme collapsed, the Maxam Defendants had invested over $300 million of investor money into Bernard L. Madoff Investment Securities LLC, and redeemed almost a third of that amount between 2007 and December 11, 2008. During the 90 day period prior to December 11, 2008, there was $25 million in withdrawals that were transferred from the Fund to the Company, and subsequently, to certain of its investors.

The action has been stayed since the order entered on May 31, 2011. On May 16, 2013, the Court issued an Order lifting the stay for the sole purpose of permitting Plaintiff to file an amended Complaint. The Plaintiff did so on June 17.

On April 25, 2014, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on June 10th. On October 16, the Court granted final approval of the Settlement and entered Final Judgment. On November 18, the Court issued an Order approving Attorneys' Fees and Expenses.

On February 20, 2015, the Court issued an Order approving distribution of the Settlement.