Irving Picard, the trustee assigned to the Bernard Madoff bankruptcy, asked a federal judge Thursday to allow him to make a $2.4 billion payout—more than double the amount released so far—to victims of the massive Ponzi scheme. If the judge approves the request, more than a thousand people who lost money investing with Mr. Madoff could receive checks as early as this fall. Mr. Picard described the move in his court filing as a “major milestone in the world-wide Madoff recovery.” If approved, the payout would come as relief for many victims, some of whom lost most of their savings when the fraud was unveiled nearly four years ago. More in the Wall Street Journal here.
