Madoff Trustee Fetches $370 Million After Two Offshore Funds Settle
- The deals come one day after estates of Madoff’s sons settled
- Trustee Picard has so far raised $11.6 billion for victims
Madoff Fund Pays Administrator But Not Victims
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Two groups of offshore funds that invested in Bernard Madoff’s fraudulent securities firm agreed to pay a combined $370 million to resolve lawsuits by the court-appointed trustee raising cash for victims.
Lagoon Investment Ltd. and related funds will hand over about $240 million while Thema Fund Ltd. and its affiliates will pay about $130 million, trustee Irving Picard said in a statement Tuesday. Details of the settlements were filed in U.S. Bankruptcy Court in Manhattan, where the suits were filed in 2010.