A U.S. bankruptcy judge has approved a $7.2 billion settlement between Bernard Madoff’s investment advisory firm’s trustee, Irving Picard, and the estate of investor, Jeffry Picower, The Wall Street Journal reports. Federal prosecutors will collect $2.2 billion, while Picard will get $5 billion as per the agreement.
In May 2009, Picard sued Picower alleging that he profited from the Ponzi scheme at the expense of other investors. The recent approval brings the total amount recovered since Madoff confessed to his scam two years ago to almost $10 billion.
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