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...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Irving H. Picard v. Saul B. Katz et al


Case Number

1:11-cv-03605

Court

New York Southern

Nature of Suit

Bankruptcy Withdrawl

Judge

Jed S. Rakoff

Date Filed

May 25, 2011

Law Firms

Companies

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.