Victims of the biggest Ponzi scheme in history got an early Christmas present on Friday.
The estate of Jeffry Picower agreed to a massive settlement with the trustee for the liquidation of Bernard L. Madoff Investment Securities and federal prosecutors to compensate victims of his Ponzi scheme, the U.S. Attorney for the Southern District of New York said.
The settlement is expected to total $7.2 billion, by far the largest related to the Madoff case so far, the Wall Street Journal reported. The settlement will quadruple the amount of money recovered for victims, the newspaper also noted
