Lazard (LAZ) Working On The Sale of Madoff's Trading Operations

According to a posting on Bernie Madoff's securities firm's website, the court-appointed trustee handling the closure of Bernard L. Madoff Investment Securities LLC has hired investment bank Lazard Freres & Co. (NYSE: LAZ) to help sell the trading operations of Bernie Madoff's company.

The proceeds from a sale of the trading operations would be used to help pay investors who have lost money from the Madoff scandal. Madoff's trading operation employed about 200 people.

Investors who have their hard-earned money with Madoff are payign close attention to Irving Picard, who is the trustee in charge of liquidating the firm. Any assets Picard recovers could be re-distributed to investors, along with the SIPC working to process investor claims.

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Lazard Ltd (Lazard) is an international financial advisory and asset management firm.

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