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Madoff Feeder Fund Settles; Victims’ Recovery Tops $10.6 Million

Bernard Madoff (Department of Justice photo)
Bernard Madoff (Department of Justice photo)

Jonathan Stempel, REUTERS

 
NEW YORK (Reuters)—The trustee recovering money for Bernard Madoff’s victims on Monday announced a settlement to recoup $93 million from a “feeder fund” that sent client money to the swindler’s firm, boosting the total sum raised to roughly $10.65 billion.

Irving Picard, the trustee, said the settlement calls for the Defender Ltd feeder fund to receive a $522.8 million claim in the liquidation of Bernard L. Madoff Investment Securities LLC because it deposited more there than it withdrew.

Defender, which was incorporated in the British Virgin Islands, will get “catch-up” payments from distributions that Picard previously made to Madoff customers. The first $93 million of the payments will go to other Madoff customers, and Defender will get its share of future payouts.

 

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