Madoff Trustee Seeks Permission For Second Payout to Madoff Customers

Madoff trustee Irving Picard July 26 sought the U.S. Bankruptcy Court for the Southern District of New York’s permission to add $5.5 billion to the Bernard L. Madoff Investment Securities LLC customer fund, and to authorize a second payout to harmed investors that could range from $1.5 billion to $2.4 billion (SIPC v. Bernard L. Madoff Investment Securities LLC).

The second interim distribution, together with funds already recovered by customers, would satisfy about 46 percent of the current allowed claims, the trustee said in a release.

“This distribution motion is another major milestone in the worldwide Madoff recovery ...