The estate of Jeffry Picower, who died last fall, may soon pay $2 billion to investors who suffered substantial losses with Bernard Madoff Investment Securities. On Monday, a federal bankruptcy judge filed a court order to stop other Madoff investors from suing Picower’s estate because the parties were close to a settlement agreement, according to The Wall Street Journal. Bankruptcy judge Burton Lifland found that the trustee “is on the verge of a settlement…that promises to achieve a substantial, multibillion-dollar sum.”
This settlement would double the $1.5 billion collected thus far from other investors that profited from investing with Madoff. The Wall Street Journal reports that trustee for the investors initially requested $7.2 billion from Picower.
