Madoff Trustee Reaches $860 Million Accord With Kingate Funds

The trustee liquidating Bernard Madoff’s defunct investment advisory business said he had reached an $860 million settlement with another offshore fund that funneled money to the con man’s company for years.

The accord was reached with the liquidators for Kingate Global Fund Ltd. and Kingate Euro Fund Ltd., which were based in the British Virgin Islands, trustee Irving Picard said July 17 in a statement.

The settlement amount covers 93% of the withdrawals made by the Kingate funds from their accounts at Bernard L. Madoff Securities LLC, which was shuttered after Madoff’s 2008 arrest for running a Ponzi scheme. Picard ...