Madoff's Legacy: $498 Million Settlement Boosts Victim Recovery
A $498.3 million settlement with Luxembourg funds will boost the recovery for victims of Bernard Madoff's Ponzi scheme to approximately $15.26 billion. Irving Picard, the trustee, continues efforts to reclaim funds for the victims, whose losses were initially estimated at $17.5 billion. Court approval for the settlement is pending.
Victims of Bernard Madoff's infamous Ponzi scheme are set to recover $498.3 million as part of a recent settlement with the liquidators of two Luxembourg investment funds. The agreement raises restitution to around $15.26 billion.
The Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus were heavily linked with Madoff's operations before the scheme's collapse in December 2008. Trustee Irving Picard confirmed the settlement funds represent all the investments received by these Luxembourg funds from Madoff's firm.
The funds will additionally contribute 15% from a Luxembourg-based lawsuit against UBS to the Madoff bankruptcy estate, amounting to an expected $45.1 million. The settlement still requires court approval, with a hearing on June 25. Madoff's total customer losses were estimated at $17.5 billion.
(With inputs from agencies.)
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