$2.4B Payout To Madoff Victims Wins Court Approval

Law360, New York (August 22, 2012, 1:41 PM EDT) -- Victims of Bernard Madoff's Ponzi scheme are set to begin receiving $2.4 billion from his bogus investment firm's estate, the largest payout yet in the 3 1/2-year-old case, after a New York bankruptcy judge overruled several objections to the distribution Wednesday.

U.S. Bankruptcy Judge Burton R. Lifland, who is overseeing the long-running case — one attorney pegged Wednesday as its 1,346th day — approved the distribution, which Bernard L. Madoff Investment Securities LLC liquidating trustee Irving Picard proposed July 26, over objections by several customers over...
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