Madoff Victims Secure $7 Billion with Jeffry Picower Estate
The estate of Jeffry Picower, the billionaire who benefited from Bernie Madoff's epic fraud, has reached a settlement with a trustee liquidating Bernie Madoff's estate that will give an additional $7 billion back to Madoff's swindled investors. The $7 billion figure represents the difference between the amount Picower invested in his account with Madoff and the amount he withdrew over the life of the fraud. The settlement dramatically increases the repayments to Madoff victims from its original $2.3 billion figure. Picower died of a heart attack in 2009, leaving the original negotiations at a standstill; his estate is expected to formally announce the settlement on Friday.