Madoff Trustee Seeks More Money for Victims

Irving Picard, the trustee in charge of liquidating Madoff's assets, is asking a New York court for permission to distribute another $1.5 billion to $2.4 billion to victims

Thursday, Jul 26, 2012  |  Updated 12:57 PM EDT
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Madoff Trustee Seeks More Money for Victims

Bernie Madoff

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Victims of Bernie Madoff's Ponzi scheme could get back more of their stolen money.

Irving Picard, the trustee in charge of liquidating Madoff's assets, is asking a New York court for permission to distribute another $1.5 billion to $2.4 billion to victims. He says that could satisfy up to half of the claims currently allowed.
 
Picard's job is to recover as much money as possible for the victims. This month, an extra $5 billion moved to the victims' fund thanks to a settlement with the estate of a businessman who benefited from Madoff's fraud.
 
Picard's chief counsel says that more money could be released but is held up by the objection of some victims, who think Picard should factor inflation and interest when determining the value of their investments.

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