Judge Approves Nearly $600 Million More For Madoff Victims

On Wednesday, a New York bankruptcy judge approved nearly $600 million worth of additional settlements to benefit victims of Bernard Madoff’s massive Ponzi scheme.

Irving Picard, the trustee in charge of recovering assets, has to date collected or reached deals to collect roughly $10.5 billion of the $17.3 billion in principal lost to fraud.

Receives blessing from bankruptcy judge

The nearly $600 million worth of settlements were approved by Judge Stuart Bernstein at a hearing in the U.S. Bankruptcy Court in Manhattan Wednesday. The settlement involves a $95 million deal struck with Senator Fund SPC and a $497 million deal to collect money from Herald Fund SPC and Primeo Fund....