The Traderszone Network

Published in TZ Latest News 23 March, 2015 by The TZ Newswire Staff

Madoff feeder fund settles; victims’ recovery tops $10.6 billion

The trustee recovering money for Bernard Madoff’s victims on Monday announced a settlement to recoup $93 million from a “feeder fund” that sent client money to the swindler’s firm, boosting the total sum raised to roughly $10.65 billion. Irving Picard, the trustee, said the settlement calls for the Defender Ltd feeder fund to receive a $522.8 million claim in the liquidation of Bernard L. Madoff Investment Securities LLC because it deposited more there than it withdrew.