Madoff Trustee, Investor Strike Settlement

A real-estate developer who invested with Bernard Madoff agreed to return $32.75 million in cash and surrender $29.35 million in claims against the convicted Ponzi-scheme operator’s investment firm under a new settlement. Irving Picard , the court-appointed official tracking down money for victims of the biggest Ponzi scheme ever, on Friday filed papers in bankruptcy court outlining a settlement with developer Edward Blumenfeld, his New York real-estate company and his family. More in the Wall Street Journal here.