US state rejects Madoff settlement offer

BOSTON: Massachusetts Secretary of State William Galvin's office has rejected a proposed settlement by an investment firm to repay nearly $6 million to state investors who lost money in Bernard Madoff's fraudulent investment scheme.

Galvin spokesman Brian McNiff says 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.

Galvin filed a civil fraud complaint against Fairfield Greenwich in April. A hearing is set for Sept. 9.

Fairfield Greenwich spokesman Thomas Mulligan says the firm wants to settle the complaint so it can focus on other litigation involving thousands of investors and hundreds of millions of dollars.