Picard Says $1B in Payments to Be Made to Madoff Investors

Irving H. Picard, the Trustee for the SIPA liquidation of Bernard L. Madoff Investment Securities LLC, today announced that he has reached a settlement with more than a dozen domestic and foreign investment funds, their affiliates and a former chief executive associated with Rye, New York-based Tremont Group Holdings, Inc., the multi-billion-dollar money management company and operator of the second-largest Madoff “feeder fund” group, the Rye Select and Tremont families of funds.