Picower Estate Said to Pay $7.2 Billion Over Madoff

Dec. 17 (Bloomberg) -- The estate of Jeffry Picower, an investor with imprisoned con man Bernard Madoff, has reportedly 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. Bloomberg's Jon Erlichman reports. (Source: Bloomberg)