Bernard Madoff $50 Billion Ponzi Scheme

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Madoff trustee reaches $277 million accord with middleman Chais' family

Fri Oct 28, 2016 | 11:30am EDT

The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme.

Irving Picard, the trustee, said the accord requires court approval. Picard is also seeking approval for the creation of a California restitution fund, resulting from efforts of Kamala Harris, the state's attorney general, and the resolution of private California litigation against Chais-related defendants.

(Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe)

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