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$7 billion settlement for Madoff victims

ABC7 Eyewitness News HD covering Los Angeles and Southern California.

December 17, 2010 12:00:00 AM PST
A multi-billion dollar settlement was reached Friday to benefit the victims of Bernard Madoff's Ponzi scheme.

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.