Irving Picard, the trustee representing the victims of Bernie Madoff's ponzi scheme, reached a billion dollar settlement from the Tremont Group on Thursday. Reuters reports, "Thursday's cash settlement raises the sum that trustee Irving Picard said he has recovered for Madoff victims to $8.6 billion, or half the $17.3 billion lost by former customers of Bernard L. Madoff Investment Securities LLC who filed claims." Once a court approves the settlement and the amount is taken out of escrow, Madoff's victims will be able to file up to $3 billion in claims related to Tremont, which nearly went out of business after losing more than half its assets in the 2009 fallout of the Madoff scandal.
This article is from the archive of our partner The Wire.
We want to hear what you think about this article. Submit a letter to the editor or write to firstname.lastname@example.org.