Politics & Regulation Tax & Legal

Madoff trustee reaches Picower settlement amid flurry of lawsuits


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