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Madoff Trustee Finds $1 Billion to Pay Claims

Thursday, May 14, 2009

The trustee overseeing the liquidation of Bernard Madoff's assets says he's received nearly 9,000 claims from the disgraced financier's victims. Court-appointed trustee Irving Picard told reporters on a conference call that he's identified about $1 billion in assets that will be used to pay the claims.

He's also filed lawsuits seeking to recover more than $10 billion in fictitious profits paid out by Madoff's firm.

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