Second Interim Distribution to Madoff Victims Will Total Approximately $1.5 Billion-$2.4 Billion

Irving H. Picard, the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (”BLMIS”) filed a motion today in the United States Bankruptcy Court for the Southern District of New York seeking approval for an allocation of recovered monies to the BLMIS Customer Fund and for a second pro rata interim distribution – of a minimum of approximately $1.5 billion and up to approximately $2.4 billion – from the Customer Fund to BLMIS customers with allowed claims. The second interim distribution, when combined with the funds already returned to BLMIS customers would – at a minimum – satisfy approximately 46 percent of the current allowed claims in the BLMIS liquidation and could satisfy up to approximately 50 percent of the current allowed claims. Read MarketWatch report here.