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Trustee Irving Picard Says Almost Half Of Losses In Bernie Madoff’s Scheme Recovered

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Bernard Madoff

Bernard Madoff (Photo by Mario Tama/Getty Images)

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NEW YORK (CBSNewYork/AP) — The trustee recovering money for investors who lost billions of dollars through Wall Street swindler Bernard Madoff’s dealings said Thursday he has secured more than a billion dollars through settlements with associates of the second largest feeder fund group to invest with Madoff.

Trustee Irving Picard announced the settlement will boost recoveries of money available to jilted investors to more than $8.6 billion. He says that is nearly half the approximately $17.3 billion in principal lost by Madoff, who pleaded guilty to federal fraud charges and is serving a 150-year prison sentence in North Carolina.

The deal was reached with more than a dozen domestic and foreign investment funds, their affiliates and a former chief executive associated with Tremont Group Holdings Inc., a multibillion-dollar money management company based in Rye, N.Y.

Tremont is a subsidiary of MassMutual Holding and the Massachusetts Mutual Life Insurance Co. It says it’s happy to have resolved the matter.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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