Irving S. Picard, the trustee for Bernard L. Madoff Investment Securities Inc., said that he will make an additional distribution of $505 million to customers, bringing the total to more than $5.4 billion, or almost 43 percent of approved claims, Bloomberg News reported yesterday. The distribution, announced yesterday, will be the third by Picard. Including $806 million provided by the Securities Investor Protection Corp., Picard previously distributed just under $5 billion to customers. The bankruptcy court in New York will hold a hearing on March 13 to approve the new distribution to victims of Madoff’s $20 billion Ponzi scheme, the largest in U.S. history.
