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.