WASHINGTON, DC – March 25, 2014 – Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (Madoff), has filed an application with the Bankruptcy Court for permission to make a fourth distribution of funds to Madoff customers. If the additional distribution of approximately $349 million to victims is approved, a total of nearly $6 billion will have been distributed or approved for distribution to Madoff victims with allowed claims, according to the Securities Investor Protection Corporation (SIPC).
Following the anticipated fourth distribution, 1,129 accounts will be fully satisfied out of the 2,189 accounts with 2,517 claims allowed by Trustee Picard. Each allowed claim in the amount of $925,000 or less will be fully satisfied. The remainder of allowed claims will have seen 46.036 percent of their claim amount returned from the funds recovered by the Trustee plus the SIPC advance of up to $500,000.
SIPC President Stephen Harbeck said: “We commend Trustee Picard and his team for their ongoing hard work to recover funds to return to Madoff investors, particularly the efforts that resulted in the recent $325 million settlement with JPMorgan Chase & Co. that is facilitating this additional distribution. We look forward to continuing to work with the Trustee to make funds available to victims as soon as possible. We hope that trend continues, and even accelerated, as the remaining legal disputes are resolved.”
The nearly $6 billion total that has been distributed or awaits approval for distribution includes $811.7 million in advances by SIPC to satisfy Madoff customers.