Feb 4, 2009 1:00 pm US/Eastern
Madoff Trustee: About $950M Recovered
NEW YORK (AP) ―
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A trustee liquidating Bernard Madoff's investment firm has told a federal judge that nearly $950 million in cash and securities has been recovered for investors.
Hiroko Masuike/Getty Images
A trustee liquidating Bernard Madoff's investment firm has told a federal judge that nearly $950 million in cash and securities has been recovered for investors.
Trustee Irving Picard told Judge Burton Lifland about the recovery during a hearing Wednesday in U.S. Bankruptcy Court. Authorities say Madoff has said he ran a giant Ponzi scheme.
Picard says $111.4 million in cash had been recovered from financial institutions. He says about $300 million in securities were identified but it was unclear what they were worth.
Last week, JPMorgan Chase & Co. and Bank of New York Mellon Corp. said they would transfer a combined $534.9 million from Madoff's investment firm accounts to Picard.
Investors have until July 2 to place their claims.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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