Madoff victims step closer to getting money back
Some people who lost money to Bernard Madoff may soon see some relief, CNNMoney reports.
May 10th, 2011
12:19 PM ET

Madoff victims step closer to getting money back

Some of the people who lost money in the Bernard Madoff Ponzi scheme, but had been shut out of any recovery of their funds, are a step closer to getting at least something back.

The court-appointed trustee in the recovery of assets lost to Madoff has announced a settlement with the liquidators of Fairfield Greenwich Group funds. Those funds had more than 95% of their investors' cash deposited with Madoff's investment firm, which was a front for the largest-ever Ponzi scheme, according to the trustee, Irving Picard.

As part of the settlement, Picard and Fairfield liquidators Kenneth Krys and Joanna Lau agreed to drop their multibillion-dollar claims against each other. Read CNNMoney's full report.

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Filed under: Business • Finance
soundoff (5 Responses)
  1. banasy

    Bernard Madoff=a steaming pile of poo.

    May 10, 2011 at 2:26 pm | Report abuse |
  2. Jazzzzzzzzzz

    LOL, Bernard Madoff= Darth Vader BREATH

    May 10, 2011 at 3:45 pm | Report abuse |
  3. Eydie

    R.I.P. PONZI SCHEME.

    May 10, 2011 at 9:57 pm | Report abuse |
  4. Scottish Mama

    His wife should give the money she hoarded away and says it is hers. In memory of her son who could not live with himself because of his families game of theft.

    May 11, 2011 at 10:57 am | Report abuse |
  5. Todd

    Ken Krys will not pay out the victims of Madoff ,Ken Krys lies in Federal court and will drag this thing out collect fees for his firm he had to start after getting fired by RSM and line his pockets with the victims money . Kenneth M Krys should share a cell with Madoff ,Ken is a crook.

    December 2, 2011 at 4:32 pm | Report abuse |