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From the June-17, 2009 issue of Credit Union Times Magazine • Subscribe!
Madoff Fund Tops $1 Bil.
According to Irving Picard, the trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC, to date, $1.2 billion has been collected for victims of the $50 billion Madoff investment scam.
That amount includes a $235 million settlement from Optimal Investment Services, one of the firms that did business with Madoff. According to Picard, Optimal agreed to pay the settlement, which resolves all claims against the firm. The amount is equal to 85% of the amount of the trustee's original claims against Optimal.
As of Memorial Day, letters for commitments in excess of $116 million had been sent by the trustee to 237 claimants in the liquidation of Madoff's term, according to Picard.
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