Irving Picard, a trustee who has recovered 60% of the estimated $17.5 billion in principal investors lost in the Madoff fraud, will get another $93 million with the Defender’s settlement for amounts it had overpaid. The feeder fund will receive a total of $522 million from the liquidation of Bernie L. Madoff Investment Securities. The Defender settlement still requires U.S. Bankruptcy Court approval.
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Picard is asking that the U.S. Supreme Court reverse a ruling and allow him to recover “fictitious profits” that some investors are owed and that occurred in the two years prior to the collapse of the firm. If the ruling is reversed, Picard could recover an additional $2 billion for Madoff’s victims.