Madoff Trustee OKs Payouts To 12 Investors

Law360, New York (March 10, 2009, 12:00 AM EDT) -- The trustee in charge of liquidating Bernard L. Madoff's collapsed investment fund has revealed that he has approved payments of $500,000 each to 12 investors as he continues to consider investors' claims individually.

The payments come out of money advanced by the Securities Investor Protection Corp., according to the most recent update on trustee Irving Picard's Web site on Tuesday. The SIPC guarantees a maximum of $500,000, but the investors' claims were considerably larger.

Investors receiving money advanced by the SIPC will still be eligible to...
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