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MADOFF TRUSTEE REACHES $277 MILLION ACCORD WITH MONEY MANAGER'S FAMILY


The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme. Irving Picard, the trustee, said victims will receive at least $232 million of cash, and the rights to $30.7 million of assets that are expected to be sold. A separate $15 million fund will pay claims by California investors, resolving litigation by that state's Attorney General Kamala Harris, and which had been brought in 2009 by her predecessor, California Governor Jerry Brown.

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#MadOff #Chais #IrvingPicard

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