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Ruth Madoff's $600,000 Deal With Trustee Approved By Judge

Ruth Madoff
Ruth MadoffPhotographer: CBS Photo Archive/Getty Images

A $600,000 settlement between Bernard Madoff’s wife and the trustee raising money for victims of the con man was approved by a New York judge, resolving a decade-old lawsuit against the former socialite.

The deal, reached May 3, was approved Tuesday by U.S. Bankruptcy Judge Stuart Bernstein in Manhattan. Under the agreement, Ruth Madoff will make an upfront cash payment of $250,000 to a fund for victims and transfer another $344,000 from accounts she set up for her grandchildren. She also agreed that all her remaining assets would be transferred to the trustee after she dies.