$231 Million Approved for Payments to Madoff Victims

$231 Million Approved for Payments to Madoff Victims - 7/6/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

$231 Million Approved for Payments to Madoff Victims
Noeleen G. Walder

New York Law Journal. July 6, 2009
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EXCERPT: The court-appointed trustee charged with liquidating Bernard L. Madoff Investment Securities announced Wednesday that $231 million in Securities Investor Protection Corp. (SIPC) funds had been set aside to satisfy 543 claims totalling over $2.97 billion by victims of Bernard L. Madoff's massive Ponzi scheme. The figure, which exceeds the total amount paid in the last 11 largest liquidations under the Securities Investor Protection Act, reflects "major progress" since May 14, when $61.4 million in SIPC funds had been committed to 125 Madoff claimants, SIPC said in a statement. The announcement by trustee Irving H. Picard and SIPC, which maintains a reserve fund to help investors at failed brokerage firms, comes two days after Southern District of New York Judge Denny Chin imposed a 150-year sentence on Madoff, 71, for his "extraordinarily evil" crimes. […] On Wednesday, SIPC President Stephen Harbeck took pains to stress that contrary to suggestions by "ill-informed parties," customer funds are never used to pay Picard's expenses.

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