$7 billion settlement for Madoff victims

NEW YORK

The trustee recovering money for Madoff investors reached a $7.2 billion settlement with the estate of Florida philanthropist Jeffry Picower, the single largest beneficiary of Madoff's fraud.

The settlement was the largest civil forfeiture in U.S. history.

More than 16,000 people have filed claims to the trustee. So far, the government has recovered nearly half of the $20 billion lost in Madoff's scheme.

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