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Published: Friday, 7/27/2012

Madoff case trustee asks OK to disburse funds


NEW YORK -- Irving Picard, the trustee in charge of liquidating convicted Ponzi schemer Bernard Madoff's assets, has asked a New York bankruptcy court for permission to distribute an additional $1.5 billion to $2.4 billion to investors who lost money in Madoff's fraudulent investments.

Picard estimates he has recovered $9.1 billion, but has been able to distribute only $1.1 billion.

In June, the Supreme Court declined to hear victims who protested Picard's formula for determining distributions. This month, an extra $5 billion moved to the victims' fund after settlement with the estate of a businessman who benefited from Madoff's fraud.

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