Madoff trustee reaches Picower settlement amid flurry of lawsuits

Tue Dec 21, 2010

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Just over two years from the fateful unveiling on 10 December 2008 of history’s largest Ponzi scheme, Irving Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities, has arrived at a huge settlement with the estate of the late Jeffry Picower, and issued a flurry of complaints in a bid to recover some $20 billion for clients with valid claims.

Last Friday, Picard announced that the trustee had entered into what he called "a very significant settlement agreement" for $5 billion to resolve claims against the Picower estate and certain related investment entities.

In conjunction with an additional $2.2 billion the Picower group already forfeited to the US government, Picard said the settlement represents 100% payment of the monies received by the Picower estate and related investors. "Every penny of the $7.2 billion recovered through these two settlements will be distributed to BLMIS customers with valid...

ISSN: 2151-1845 / CDC10004H

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