Nearly $6 Billion Have Been Returned to Madoff Victims
Nearly $6 billion will have been returned to BLMIS customers with allowed claims with the recent pro rata distribution of approximately $351.6 million in the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) under the Securities Investor Protection Act.
The Securities Investor Protection Corporation (SIPC) praised Trustee Irving H. Picard and his attorneys for their ongoing hard work in recovering and returning funds to BLMIS customers.
The nearly $6 billion includes approximately $812.2 million in committed advances by SIPC to satisfy Madoff customers. In addition, because SIPC bears all of the costs of administration, such as legal and accounting fees in the liquidation, all of the assets recovered in litigation and settlements go directly to customers.
With the completion of the fourth distribution, 1,129 accounts will be fully satisfied out of the 2,190 accounts with 2,518 claims allowed by Trustee Picard. Each allowed claim in the amount of $925,000 or less will be fully satisfied.
“Funds from the $325 million settlement with JPMorgan Chase, and other smaller settlements and recoveries by Trustee Picard and his team through the end of March 2014, enabled this additional distribution,” SIPC President Stephen Harbeck said.
“As always, all funds recovered by the Trustee go to the Customer Fund to be distributed to customers, with SIPC bearing the costs of administration, including accounting and legal fees. We are pleased at the results as we continue to work with the Trustee towards our shared goal of fully satisfying as many BLMIS-allowed claims as possible in an expeditious manner. As remaining legal disputes continue to be resolved, we look forward to sharing news of additional distributions to Madoff customers.”
Source: Securities Investor Protection Corporation