Madoff Victims To Get $312M In First Recovery Checks

Law360, New York (October 4, 2011, 10:25 PM EDT) -- Bankruptcy trustee Irving Picard said Tuesday that victims of Bernard L. Madoff's sprawling Ponzi scheme would start receiving $312 million in recovery checks Wednesday after a ruling last week cutting the scope of their recovery delayed the payouts.

The delay arose when U.S. District Judge Jed Rakoff ruled that victims could only recover losses from two years before the collapse of the Madoff scheme, and not six.

The money will settle claims connected to more than 1,200 accounts, Picard said in a statement.

Picard said that...
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