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Chase Manhattan Corp.
383 Madison Ave
Phone: (212) 270-6000p:212 270-6000 NEW YORK, NY  10179-0001  United States Fax: (302) 655-5049f:302 655-5049

This company was Merged or Acquired on 12/31/2000.
This is a Subsidiary, click here for the Parent Company


Madoff victims get $568 million payout after his death


Victims ofBernard Madoff ' s massive fraud are about to get their first payments from the government since the swindler died behind bars five months ago. A fund set up years ago is preparing to send $568 million in refund checks.

About 31,000 investors around the world will soon receive payments from government settlements with some of the oldest clients of Madoff and his bank, JPMorgan Chase & Co, the U.S. Justice Department said in a statement Thursday. The department, which set up the fund, said the payouts will increase its total payments to more than $3.7 billion.

"This office continues to seek justice for the victims of the largest Ponzi scheme in history," Manhattan U.S. Attorney Audrey Strauss said in the statement.

The U.S. fund is separate from the repayment process overseen by a trustee, Irving Picard, in federal bankruptcy court in Manhattan. Its litigation against customers who benefited from the scam has so far recovered more than $14.5 billion, most of which has already been returned to victims.

ED


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Tuesday, October 26, 2021