The trustee liquidating Bernard Madoff’s former firm said it’s unclear how much his lawsuits will recover for the con man’s victims because billion-dollar settlements and cases are being challenged in court, according to a report in Bloomberg.
Irving Picard has filed 247 actions and reached settlements with the estate of Madoff investor Jeffry Picower and hedge fund firm Tremont Group Holdings Inc. to recover money from Madoff’s Ponzi scheme. The majority of the $8.7 billion gathered by the trustee for distribution to investors who lost money with the con man remains tied up in court.
“We have a $5 billion settlement and a $1 billion settlement,” Picard said in an interview yesterday in San Francisco. “It’s all being appealed.” Picard’s $5 billion agreement with the estate of Picower, who was among Madoff’s largest individual investors, is being appealed, as is a $1 billion accord he reached with Tremont, the second biggest so-called feeder fund to Madoff’s fraud scheme….
Read more at http://www.bloomberg.com/news/2011-11-04/madoff-trustee-says-sum-to-be-recovered-for-victims-in-suits-is-unclear.html
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