Madoff Trustee To Earmark $100M For Victims

Law360, New York (May 14, 2009, 12:00 AM EDT) -- The trustee liquidating Bernard L. Madoff's investment firm said Thursday that he planned to approve $100 million in reimbursements in the coming weeks for customers victimized by the fraudster.

Irving Picard said in a statement that $61 million in funds from the Securities Investor Protection Corp. has been set aside to cover 125 claims of Madoff customers, with another $39 million expected to be committed by Memorial Day.

To date, 8,848 claims have been filed in what Picard called "the largest and most complex securities fraud...
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