Reuters said in the first payout, customers who invested directly with Madoff will receive about $1.18 billion from Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities.
Reuters also said, citing court papers, former customers of J. Ezra Merkin, a New York money manager who funneled their money to Madoff through his Ariel and Gabriel Capital “feeder funds,” will receive nearly $236 million.
Picard has recovered or reached agreements to recover roughly $10.91 billion, about three-fifths of the $17.5 billion of principal he has said Madoff customers lost.
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