BREAKING NEWS

NY judge to review massive Madoff settlement

By ASSOCIATED PRESS

JANUARY 13, 2011 15:54

A Manhattan bankruptcy judge has been asked to sign off on a $7.2 billion deal to settle the largest lawsuit in the Bernard Madoff fraud.

The judge was set to review the settlement on Thursday. A hearing has been requested by a trustee appointed to recover funds for investors burned by the pyramid scheme.

Federal authorities announced the deal with the estate of Jeffry Picower last month.

Picower drowned after suffering a heart attack in his Florida swimming pool in 2009. His widow has insisted he didn't know Madoff was a con man.

Some investors who haven't qualified for payouts by the trustee had objected to the settlement. They said it dried up funds they had a right to recover.

Madoff is serving a 150-year prison sentence.

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