A federal magistrate refused to revoke bail on Monday for Bernard L. Madoff, the financier accused of operating a $50 billion Ponzi scheme, while signs emerged that his lawyer was actively negotiating a plea agreement that could conclude the baffling fraud case without a trial.

Morning Call: January 13

Federal prosecutors acknowledged in a court order released Monday that Mr. Madoff’s lawyer, Ira Lee Sorkin, is “engaging in discussions concerning a possible disposition of this case.”

While Mr. Sorkin would not comment, several former prosecutors said that language clearly indicated that the discussions were about a deal in which Mr. Madoff would agree to plead guilty in exchange for some type of leniency.

“He’s trying to cut a deal,” said Marvin G. Pickholz, a former securities regulator and specialist in white-collar crime. “The only other possible ‘disposition’ that could be negotiated would be for the government to drop the whole case — and that’s not going to happen.”

The information was contained in an order, signed by the United States Magistrate Judge Ronald L. Ellis, that approved a 30-day delay in a hearing on Mr. Madoff’s case that otherwise would have been held on Monday.

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