Madoff Trustee Seeks $505 Million Distribution

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.

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