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Madoff Victims Line Up For Partial Refund

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Mar 21, 2009 2:32 pm US/Eastern

Madoff Victims Line Up For Partial Refund

NEW YORK (AP) ― A clearer picture is emerging of how much money might be available to Bernard Madoff's victims. The pot is a big one, but not big enough.

It includes nearly $1 billion held by Madoff's company.

Some banks and hedge funds that placed client money with Madoff may wind up paying huge settlements. One Spanish bank has already offered 1.3 billion euros to customers.

The IRS is letting victims get tax refunds that could be worth billions.

An investor guarantee fund could pay up to $500,000 per client, for a total that could top $2 billion.

Some investors who profited from the scam will also likely be asked to return the money for redistribution.

Investigators still don't know how much real money disappeared in the scam.

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(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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