Judge OKs $7.2B Picower Settlement In Madoff Case

Law360, New York (January 13, 2011, 2:13 PM EST) -- A bankruptcy judge approved a $7.2 billion settlement Thursday between a trustee overseeing recovery for victims of Bernard Madoff's massive Ponzi scheme and the widow of Jeffry Picower, a longtime investor in the scheme.

Judge Burton R. Lifland blessed the deal during a hearing in the U.S. Bankruptcy Court for the Southern District of New York, overruling objections from other Madoff customers who claim the agreement may have unfairly cut them out of the proceeds.

The judge said the complaints "have been effectively rebutted" by the...
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