NEW YORK (AP) — The trustee recovering money for Bernard Madoff’s burned investors has reached a $7.2 billion settlement with the estate of a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud.
The settlement with the estate of Jeffry Picower was detailed Friday in Manhattan court papers.
U.S. Attorney Preet Bharara (bah-RAHR’-ah) called it “a truly historic settlement” and a “game changer for Madoff’s victims.”
Barbara Picower, representing her late husband’s estate, entered into the agreement with the U.S. attorney’s office.