Picower Estate to Pay $7.2 billion in Madoff Settlement

According to Bloomberg, Picower’s estate will pay $5 billion to Irving Picard, the trustee overseeing the liquidation of Madoff’s firm, and $2.2 billion to U.S. authorities.

The $7.2 billion represents the entire amount that Picard sought in a May 2009 lawsuit claiming Picower should have known Madoff ran a Ponzi scheme.

Now all eyes turn to the estate of Stanley Chais where a $1.1 billion suit is pending.