Thursday, 25 December 2014
Last updated 17 hours ago
Feb 15 2013 | 2:59am ET
Victims of the Bernard Madoff Ponzi scheme will get another $505 million back next month under a plan submitted by the trustee for the fraudster's business.
Receiver Irving Picard said this week that he would seek court permission to distribute the funds, which would bring to more than $5.4 billion the total recoveries paid to Madoff victims. Picard has recovered more than $9 billion, but nearly $4 billion of that is being held in reserve.
Most of the new distribution, the third Picard has made, comes from a $1 billion settlement escrow that expired last week.
A court will decide on Picard's application on March 13, with the money distributed as of March 22.
The distribution means that some 43% of approved claims will have been paid.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.