The court-appointed trustee recovering money for investors swindled by Bernard Madoff has reached a settlement of more than $1 billion with Tremont Group Holdings Inc., one of the largest alleged feeders of money into his Ponzi scheme, according to the Wall St Journal.
The settlement, filed in U.S. Bankruptcy Court in Manhattan, is one of the biggest reached since the multi-billion dollar fraud came to light nearly three years ago. It brings to about $11 billion the amount that a court-appointed bankruptcy trustee, Irving Picard will ultimately be able to return those cheated by Mr. Madoff, who is serving a 150-year prison sentence….
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http://online.wsj.com/article/SB10001424053111904888304576474241349358816.html?mod=WSJ_hp_LEFTWhatsNewsCollection
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