US state rejects settlement for Madoff victims

A US state rejected a proposed settlement by an investment firm to repay nearly $6m (€4.2m) to state investors who lost money in Bernard Madoff’s fraudulent investment scheme.

Brian McNiff, a spokesman for Massachusetts Secretary of State William Galvin, said his agency is not accepting New York-based Fairfield Greenwich Group’s offer to fully refund nearly a dozen investors in the state because officials are still trying to identify all the affected investors.