Madoff Trustee Asks To Release Up To $2.4B In 2nd Payout

Law360, New York (July 26, 2012, 8:05 PM EDT) -- Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, asked a New York bankruptcy judge Thursday for permission to begin distributing up to $2.4 billion to victims of the massive Ponzi scheme, the second such payout in the long-running case.

The Securities Investor Protection Act-endowed trustee filed a motion seeking U.S. Bankruptcy Judge Burton R. Lifland's approval to hand over to the BLMIS Customer Fund and then to customers between $1.5 billion and $2.4 billion. That money, combined with the funds returned to BLMIS...
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