Picard Settles With Madoff Investor, Gaining Millions More on Victims’ Behalf

The trustee who has been overseeing the liquidation of Bernard Madoff’s business operations Jan. 27 announced that one of his clawback claims has resulted in a $220 million settlement, which increases the amount of money available to compensate victims of the massive Ponzi scheme (SIPC v. Bernard L. Madoff Investment Securities LLC).

In a filing with the U.S. Bankruptcy Court for the Southern District of New York, Irving Picard, a partner in the New York office of Baker & Hostetler, explained that Norman F. Levy for more than 20 years held accounts—on behalf of himself, members of his ...