Picower Estate Said to Pay $7.2 Billion Over Madoff
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The estate of Jeffry Picower, an investor with imprisoned con man Bernard Madoff, agreed to pay $7.2 billion to recover money he made from the fraud.
Picower’s estate will pay $5 billion to Irving Picard, the trustee overseeing the liquidation of Madoff’s firm, and $2.2 billion to U.S. authorities, according to two people familiar with the matter who declined to be identified because the settlement isn’t public. Picard has recovered $2.5 billion for other investors to date.