Settlement With Madoff Sons' Estates Worth $23M
Attorneys working to recover assets from the biggest Ponzi scheme in history have marked a milestone: a $23 million deal with the estates of Bernie Madoff's deceased sons.
June 27, 2017 at 07:38 PM
5 minute read
Attorneys working to recover assets from the biggest Ponzi scheme in history have marked a milestone: a $23 million deal with the estates of Bernie Madoff's deceased sons.
The money will go to the bilked customers of Madoff's company, ending years of litigation with the families of his sons, according to a motion filed Monday in Southern District U.S. Bankruptcy Court.
Baker & Hostetler bankruptcy partner Irving Picard, the Securities Investor Protection Act trustee for the liquidation of Bernard L. Madoff Investment Securities, filed a motion seeking approval of a settlement with the estates and the Southern District U.S. Attorney's Office in Picard v. Madoff, 09-ap-01503.
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