Madoff Clients to Get $100M Back Soon
Funds address fraction of 9,000 claims: trustee
By Ambreen Ali,  Newser User
Posted May 14, 2009 4:13 PM CDT
This credit card bill shows that one claimant's money was used for Madoff family expenses, including homes, travel, and fancy meals.   (AP Photo/Court-appointed trustee Irving Picard)
camera-icon View 1 more image

(Newser) – It's a start. Some of Bernie Madoff's clients will get back at least a portion of the money that he stole. Trustee Irving Picard says he expects to approve at least $100 million of investor claims—mere hundreds out of nearly 9,000 filed claims—by May 25, Bloomberg reports. Picard has recovered $1 billion and sued for another $10 billion from funds that withdrew money from Madoff accounts before his arrest.

"Congress specifically requires that these funds must be returned so that all customers share equally," says Picard, noting that he hasn't ruled out filing similar "clawback" lawsuits against Madoff's family.