Nearly $600 Million More Coming to Madoff Victims

Nearly $600 million worth of settlements to benefit victims of Bernard Madoff ’s massive Ponzi scheme on Wednesday won the blessing of a bankruptcy judge. The settlements, approved by Judge Stuart Bernstein at a hearing in the U.S. Bankruptcy Court in Manhattan, include a $95 million deal struck with Senator Fund SPC and a $497 million deal to collect money from Herald Fund SPC and Primeo Fund. All of the funds had invested with Mr. Madoff, who is currently serving a 150-year prison sentence. 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 2008 collapse of the Ponzi scheme. Of the recovered funds, more than $5 billion has been returned to investors. More in the Wall Street Journal here.