Bernard Madoff
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Madoff beneficiary to return billions

The trustee appointed to recover money stolen by the financier Bernard Madoff has reached a multi-billion dollar settlement with the estate of a man, said to be the biggest single beneficiary of the fraud.

Jeffrey Picower recouped $7.2 billion from Madoff's scheme. The deal means roughly half the money lost in the swindle will be clawed back.

Russell Trott reports.

  • 18 Dec 2010
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