A New York trustee recovering money for investors in Wall Street swindler Bernard Madoff's (MAY'-dawfs) fraud says the liquidators of a fund that put more than $7 billion in Madoff's hands have agreed to a deal that'll funnel 3 percent more money to burned investors with valid claims.
Trustee Irving Picard said Monday the deal was reached with liquidators of the now-defunct Fairfield Sentry Limited funds. The funds were managed by entities related to Madoff's largest feeder-fund operator.
Picard says the deal reduces Fairfield's claim against a fund paying claims of injured investors from $1.2 billion to $230 million. He says Fairfield also agreed to pay $70 million to be distributed to Madoff investors. Picard has agreed not to pursue a $3.8 billion judgment against Fairfield.
Fairfield liquidators haven't returned a call seeking comment.