En EspaƱol Get Your Free Case Review Today! Main Menu
In Houston
Toll Free

Madoff Settlement

On December 17, 2010, the trustee for Bernard L. Madoff Investment Securities, Irving Picard, and the Manhattan US Attorney's office announced a $7.2 billion settlement with the estate of Jeffry Picower. Picower, who died in October of last year, was one of the wealthiest Americans and a Madoff investor for over 35 years. The lawsuit against him alleged that he had had benefited from Madoff's fraud more than anyone else, to the tune of $7 billion. The settlement represents a $5 billion recovery for the trustee and a $2.2 billion forfeiture to the federal government. The entire settlement will go toward making Madoff's victims whole. When counting this settlement, the trustee has recovered more than one-third of the principal lost in the ponzi scheme.

Picard announced that the Customer Fund will begin making distributions to Madoff's investors with allowed claims in the first three months of the new year.

No Comments

Leave a comment
Comment Information

Contact Us Today
And Get Your Free Case Review

Logo: Texas Best Lawyers Logo: Texas Super Lawyers - Texas Bar College Logo: Lead Counsel Rated Logo: Houston's Top Lawyers Logo: American Trial Lawyers Association
Logo: Abraham Watkins Best Lawyers in America Logo: American Board of Trial Advocates - Million Dollar Advocates Forum Logo: The Best Lawyers in America

As Seen On:

Logo: CNN Logo: Houston Chronicle Logo: Houston Public Media Logo: ABC 13 Logo: USA Today Logo: KHOU 11 Logo: KPRC 2 Logo: Fox 26 Logo: Telemundo Logo: Univision