Madoff trustee settles suit vs. hedgies

In the deal approved yesterday by US Bankruptcy Judge Burton Lifland, trustee Irving Picard will accept a cash payment of more than $1 billion from funds associated with Tremont. In exchange, the Tremont funds will be allowed to make claims on the Madoff estate of about $3 billion, according to court filings.

Read more: Madoff trustee settles suit vs. hedgies — New York Post