Madoff victims may share in $2.35B federal fund

Victims of Bernard Madoff’s infamous Ponzi scheme have a chance to make claims for a share of a $2.35 billion federal recovery fund, Manhattan U.S. Attorney Preet Bharara said Monday. The fund is open to applications from burned customers who invested with Madoff indirectly through financial feeder funds, investment groups and other pooled investment vehicles, said Bharara. The federal fund is separate from the recovery and repayment process being pursued on victims’ behalf by Irving Picard, a court-appointed trustee. Courts have ruled that indirect Madoff investors are not allowed to seek recovery from the trustee, who so far has recovered more than $9.5 billion of the estimated $20 billion investors lost in the fraud. More in USA Today here.

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