Home > Economy, Trends > Reports from the Snake Pit: $7.2 Billion to go to Madoff Victims

Reports from the Snake Pit: $7.2 Billion to go to Madoff Victims

January 13, 2011

NY Times reports today:

A federal judge approved a $7.2 billion settlement on Thursday to pay former customers of the disgraced financier, Bernard L. Madoff, the largest amount yet in the worldwide search for money lost in the multibillion-dollar Ponzi scheme.

The settlement with the estate of a longtime Madoff friend and investor, Jeffry M. Picower, could still be appealed after Judge Burton R. Lifland of Federal Bankruptcy Court in Manhattan dismissed objections to the deal, which was announced on Dec. 17.

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