Politics & Regulation Tax & Legal

Madoff trustees juggle settlements and lawsuits


As 2010 started to slow down its pace 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, arrived at a huge settlement with the estate of the late Jeffry Picower, and issued a flurry of complaints in a bid to recover $20 billion for clients with valid claims.

The last settlement announced by the trustee was for $5 billion to resolve claims against the Picower estate and certain related investment entities. In conjunction with an additional $2.2