Major Madoff investor’s estate settles for $7.2 billion

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The estate of Jeffry Picower, a major investor in Bernard Madoff’s Ponzi scheme, has agreed to repay $7.2 billion to victims of the fraud in a settlement with the trustee overseeing the investment firm’s bankruptcy and federal prosecutors in Manhattan, according to people familiar with the situation.

The settlement is by far the largest related to the Ponzi scheme, and would quadruple the amount of money recovered for victims to date.

Full story: Madoff Trustee Reaches Settlement With Picower Estate