When it comes to recoveries by trustees for injured victims, not all cases and trustees are created equal. In the Madoff case, trustee Irving Picard continues to uncover assets, often through legal settlements with third-party defendants, that can be distributed to the Madoff victims. Yesterday, Picard announced a more than $1 billion settlement with Tremont Group Holdings, the second-largest “feeder fund” that sent investor money to Madoff. The addition of this money brings the total amount of money recovered by Picard to $8.6 billion. Reuters reports that this recovery is nearly half of the $17.3 billion in Madoff customer losses. Read more in Compliance Week here.
