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....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.