What’s news around the hedge fund industry for Monday, Dec. 24, 2012:

Around the web (post-Mayan apocalypse/Christmas edition)

Bill Ackman is right about Herbalife; it’s ripe for investigation. (Janet Tavakoli on HuffPo)

Madoff settlement could net hefty profit for hedge funds and investors. (Hedge Funds Review, via Herrick)

Buying back Greek debt rewarded hedge funds. (NYTimes.com)

What SEC chief needs to OK hedge fund ad rule. (MarketWatch)

Could AIG happen again? (NYTimes.com)

Lawless at sea: Elliott Management, Ghana and Argentina a case study in the dangers of the Law of the Sea Treaty. (WSJ.com)

Top U.K. equity trader to leave Soros Fund Management. (Financial Times)

Brevan Howard cements reputation as one of the highest paying hedge funds. (The Telegraph)

Chicago Laborers’ Annuity & Benefit Fund hires Rock Creek Group and Pluscios Management. (Pensions & Investments)

Fortress Investment Group says co-founder Robert Kauffman to retire. (Bloomberg)

Citigroup said to give Citigroup Capital Advisors managers 75% fund stake for free. (Bloomberg Businessweek)

Hedge fund redemptions spike. (FINalternatives)

December looking up for hedge funds. (FINalternatives)

Peter Madoff gets 10 years in prison. (FINalternatives)

Texas Real Estate Hedge Fund in commercial property joint venture. (FINalternatives)

Ohio Public Employees’ Retirement System commits to Tiger Consumer Partners, increases Bridgewater commitment. (Pensions & Investments)

Fifth person – Richard Baldwin – charged in U.K. Tabernula insider trading case. (Bloomberg)

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