Madoff Victims To Receive $272M In 1st Payment Round

Law360, New York (July 12, 2011, 1:55 PM EDT) -- A New York bankruptcy judge on Tuesday approved the first distributions to victims of Bernard Madoff's Ponzi scheme, allowing for $272 million in initial payments to customers deemed to have been net losers in the $65 billion fraud.

Judge Burton R. Lifland granted recovery trustee Irving Picard's request for the distributions during a hearing in New York bankruptcy court, providing for claimants to receive an average of $222,551 each. The judge approved the allocation after lawyers for the trustee from Baker Hostetler LLP told the judge that...
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