Former customers of the late Ponzi schemer Bernard Madoff will recoup $498.3 million under a settlement Wednesday with the liquidators of two Luxembourg funds, boosting their recovery to about $15.26 billion.
The Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus had invested exclusively with Bernard L. Madoff Investment Securities for three years before Madoff’s firm collapsed in December 2008.
Irving Picard, the trustee liquidating Madoff’s firm, said the $498.3 million represents all transfers that the Luxembourg funds received from the firm.
The funds will also give the Madoff firm’s bankruptcy estate 15% of proceeds from their lawsuit in Luxembourg against the Swiss bank UBS.
They are expected to receive $45.1 million on their own claim against the estate. The funds did not admit wrongdoing.
Court approval is required, and a June 25 hearing has been scheduled.
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Author: Dillon B
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