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Madoff trustee reaches $277 million accord with money manager's family
Source: Reuters
MONEY | Fri Oct 28, 2016 | 12:36pm EDT
Madoff trustee reaches $277 million accord with money manager's family
By Jonathan Stempel
The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme.
Irving Picard, the trustee, said victims will receive $232 million of cash, and the rights to $30.7 million of assets that are expected to be sold.
Picard also said a $15 million restitution fund supervised by the office of California Attorney General Kamala Harris will pay claims by investors in partnerships related to Chais and the state.
The accord requires approval by U.S. Bankruptcy Judge Stuart Bernstein in Manhattan, who is overseeing the liquidation of Bernard L. Madoff Investment Securities LLC.
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Madoff trustee reaches $277 million accord with money manager's family
By Jonathan Stempel
The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme.
Irving Picard, the trustee, said victims will receive $232 million of cash, and the rights to $30.7 million of assets that are expected to be sold.
Picard also said a $15 million restitution fund supervised by the office of California Attorney General Kamala Harris will pay claims by investors in partnerships related to Chais and the state.
The accord requires approval by U.S. Bankruptcy Judge Stuart Bernstein in Manhattan, who is overseeing the liquidation of Bernard L. Madoff Investment Securities LLC.
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Read more: http://www.reuters.com/article/us-madoff-chais-idUSKCN12S1Y1