Friday, 31 October 2014
Last updated 13 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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