Financial funds linked to Bernard Madoff agree to settlement of $497 million

Two financial funds linked to the Ponzi scheme have agreed to a court settlement to the tune of $497 million. The tentative settlement between the court trustee and Primeo Fund and Herald Fund SPC will only augment the fund size,which is said to total $10.3 billion and which is being used at the moment to repay Ponzi scheme investors and customers. The announcement was made by Irving Picard, the court trustee on Monday. But the agreement still needs the approval of the US Bankruptcy Court. According to Geoffrey North, the court appointed lawyer for Picard, the agreement will help to avoid delay and coststhat are generally the results of a long drawn and controversial court case. More in the Daily News here.

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