A court settlement will bring close to $500 million to investors Bernard Madoff cheated on, placing their overall recovery to date well over $10 billion.
Irving Pacard, an official appointed by the court, tracked down the stolen money in one of the biggest Ponzi scheme in the history of the country, announced early this week that Herald Fund SPC and Primeo Fund, made an agreement to return back $497 million they received through their investment with Madoff.
The settlement rakes in total recovered funds in Madoff’s liquidation investment firm to over $10 billion, where close to $6 billion were given back to investors. Investors lost more than $17 billion in principal from Madoff’s Ponzi scheme collapse, in which he’s currently under a 150-year sentence in prison.
Based on latest court documents obtained on the legal issue, the settlement will let Madoff’s investors recover 1.32% of their claims than they’d have otherwise.