Madoff trustee gets 'historic' $7B settlement - WKOW 27: Madison, WI Breaking News, Weather and Sports

Madoff trustee gets 'historic' $7B settlement

Posted:

NEW YORK (AP) -- The trustee recovering money for Bernard Madoff's burned investors has reached a $7.2 billion settlement with the estate of a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud.

The settlement with the estate of Jeffry Picower was detailed Friday in Manhattan court papers.

U.S. Attorney Preet Bharara called it "a truly historic settlement" and a "game changer for Madoff's victims." Bharara said roughly half of the $20 billion in principle lost by victims has been now recovered.

Barbara Picower, representing her late husband's estate, entered into the agreement with the U.S. attorney's office.

She said in a statement that her husband was "in no way complicit" with Madoff's fraud. She said the estate would "return every penny received" through Madoff investments.

Picower drowned after suffering a heart attack in the swimming pool of his Palm Beach, Fla., mansion on Oct. 25, 2009.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Powered by Frankly