A trustee recovering money for investors who lost billions of dollars through Wall Street swindler Bernard Madoff’s dealings says he has secured more than $1 billion through settlements with associates of the second-largest feeder fund group to invest with Madoff. Trustee Irving Picard of Baker & Hostetler yesterday announced the settlement will boost recoveries of money available to jilted investors to more than $8.6 billion. He said that is nearly half the approximately $17.3 billion in principal lost by Mr. Madoff, who pleaded guilty to federal fraud charges and is serving a 150-year prison sentence.
The deal was reached with more than a dozen domestic and foreign investment funds, their affiliates and a former chief executive associated with Tremont Group Holdings Inc., a multibillion-dollar money management company based in Rye, N.Y.
