Picower Widow To Give Back $7.2B In Madoff Profits

Law360, New York (December 17, 2010, 2:46 PM EST) -- The widow of philanthropist Jeffry Picower has reached a deal with federal prosecutors and the trustee overseeing recovery efforts for victims of Bernard L. Madoff to hand over $7.2 billion in bogus profits from the massive Ponzi scheme.

U.S. Attorney for the Southern District of New York Preet Bharara and Madoff trustee Irving Picard of Baker & Hostetler LLP on Friday jointly announced the settlement, which included a forfeiture action for $7.2 billion filed in the U.S. District Court for the Southern District of New York....
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