Forward Motions: Judge to Consider Madoff Feeder Fund Settlements

A series of settlements to benefit victims of Bernard Madoff’s massive Ponzi scheme will go before a bankruptcy judge Wednesday in Manhattan for final approval. The settlements include a $95 million deal struck with Senator Fund SPC, an investment fund that parked all of its money with Mr. Madoff, and a $497 million deal to collect money from Herald Fund SPC and Primeo Fund. Irving Picard, the official tasked with paying back Mr. Madoff’s victims, has to date collected or reached deals to collect approximately $10.5 billion of the $17.3 billion in principal that investors lost upon the collapse of the Ponzi scheme. Of the recovered funds, nearly $6 billion has been returned to investors. More in the Wall Street Journal here.