Bloomberg News reports that the latest checks will range from $563 to almost $88 million, trustee Irving Picard said Monday. With the payments, more than half of Madoff’s customers who submitted approved claims to Picard - or 1,386 of 2,265 - will have recovered their lost principal in full.
The distribution is financed by $1.3 billion in settlements and recoveries since the last payout in February, Picard said. It’s the ninth so far. Additional recoveries and payments are expected for 2018, he said.
"Nearly a decade since the unmasking of the Madoff fraud, we are still finding and recovering millions of dollars for the victims of this complex global deception," Picard said in a statement.
The $12.8 billion recovered so far represents about 73 percent of the lost principal of $17.5 billion. Some of the money has been set aside pending resolution of lawsuits by victims seeking more cash than the trustee says they’re entitled to.
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