Madoff Trustee’s $7.2 Billion Picower Accord Approved
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A U.S. bankruptcy judge approved a $7.2 billion settlement between the trustee overseeing the dissolution of Bernard L. Madoff’s investment advisory firm and the estate of investor Jeffry Picower.
Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, sued Picower in May 2009, claiming he withdrew $7.2 billion more than he invested and should have known Madoff was running a Ponzi scheme. Picower died in October 2009 at age 67.