THE trustee recovering money for Bernard Madoff’s burned investors has reached a $7.2 billion (€5.5bn) settlement with the estate of a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud.

The trustee recovering money for Bernard Madoff’s cheated investors has reached a $7.2bn settlement with the estate of a Florida philanthropist who had been the single-largest beneficiary of the fraud.

THE death of Jeffry Picower, accused of profiting more than $7 billion (€7.7bn) from the investment schemes of his longtime friend Bernard Madoff, will make it more difficult for suing investors to recoup their money, attorneys have said.