The estate of Bernard Madoff friend and investor Jeffry Picower has reportedly come to an agreement with the trustee dissolving the Madoff's assets. The British Times reports that Judge Burton Lifland said in a court order, "The trustee indicates that he is on the verge of a settlement with the Picower defendants that promises to achieve a substantial, multibillion-dollar sum for distribution to Madoff victims." Picower, who was found dead in his Palm Beach pool last fall, was being sued for $7 billion in clawbacks—he allegedly saw up to 950% returns from Madoff's Ponzi scheme. It's believed the settlement amount is at least $2 billion, which would more than double the $1.5 billion that Madoff trustee Irving Picard has located.
Madoff Friend's Estate To Pay $2 Billion To Victims
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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