UPDATE: 12/17/10, 12:45 p.m. This post has been updated with new information from Picower, Picard, and the U.S. attorney’s office following a press conference at noon.

The trustee for Bernard L. Madoff Investment Securities (BLMIS) and the U.S. attorney’s office in Manhattan have announced a settlement with the estate of Jeffry Picower, the philanthropist and Madoff investor who died in October 2009. The New York Times reports that the settlement will be the largest civil forfeiture payment in U.S. history.

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