NEW YORK: The trustee recovering money for thousands of Bernard Madoffs victims reached a half-billion-dollar settlement with two financial funds that invested with the Ponzi schemer, lifting the total amount raised for cheated investors to over US$10 billion (RM34 billion). Trustee Irving Picard announced the latest settlement on Monday with so-called feeder funds ” Herald Fund SPC and Primeo Fund, both undergoing liquidation in the Cayman Islands. Picard said US$497 million will be added to the money already raised on behalf of investors. AP
To continue reading the rest of the article, click here