Madoff Fraud Recovery for Bilked Investors Tops $10 Billion

Two Cayman Island financial funds that invested heavily with Ponzi scheme architect Bernard Madoff’s business have agreed to a nearly $497 million settlement with the court trustee seeking the disgraced financier’s assets on behalf of victimized customers. The tentative deal with Herald Fund SPC and Primeo Fund will add the money to a fund used to repay burned Madoff investors, raising the total recovered so far to roughly $10.3 billion, trustee Irving Picard announced Monday. The agreement, which requires U.S. Bankruptcy Court approval, “avoids the cost and delay of what could otherwise have been lengthy and contentious litigation,” said Geoffrey North of BakerHostetler LLP, Picard’s court-appointed counsel. More on Bloomberg here.