The New York Times
Fri, December 17, 2010 -- 10:42 AM ET
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Lawyers Reach Deal to Recover $7 Billion for Madoff Victims
Federal prosecutors and the trustee liquidating the estate of
Bernard L. Madoff, the convicted swindler, have reached a
civil settlement that will recover at least $7 billion to
compensate victims of Mr. Madoff's global Ponzi scheme,
according to people briefed on the negotiations. An
announcement is expected at noon Eastern time. Prosecutors
have said privately that the settlement is the largest civil
forfeiture in American history.
The settlement will conclude the trustee's case against the
estate of Jeffry M. Picower, a Palm Beach philanthropist and
longtime Madoff investor who died in October 2009. The
complaint filed against the estate indicated that Mr.
Picower, who became wealthy investing in medical-technology
companies, had profited hugely from Mr. Madoff's scheme,
drawing out billions more than he paid in.
The settlement will greatly expand the funds available to
repay victims of the fraud; before Friday, the trustee had
collected $2.3 billion from other sources.
Read More:
http://dealbook.nytimes.com/2010/12/17/big-settlement-with-madoff-investor-near/?hp&emc=na
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