Trustee: Almost Half of Madoff Losses Recovered

Thursday, Jul 28, 2011  |  Updated 5:22 PM EDT
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Trustee: Almost Half of Madoff Losses Recovered

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A trustee recovering money for investors who lost billions of dollars through Wall Street swindler Bernard Madoff's dealings says he's secured more than $1 billion through settlements with associates of the second largest feeder fund group to invest with Madoff.

Trustee Irving Picard announced Thursday the settlement will boost recoveries of money available to jilted investors to more than $8.6 billion.

He says that's nearly half the approximately $17.3 billion in principal lost by Madoff, who pleaded guilty to fraud charges and is imprisoned in Butner, N.C.

The deal was reached with more than a dozen investment funds, affiliates and a former executive associated with Rye, N.Y., money management company Tremont Group Holdings Inc.

Tremont is a subsidiary of MassMutual Holding and the Massachusetts Mutual Life Insurance Co. It says it's happy to have resolved the matter.

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