A new legal settlement will bring in nearly $500 million for Bernard Madoff's cheated investors, putting their total recovery to date above $10 billion, Dow Jones Daily Bankruptcy Review reported today. Irving Picard, the court-appointed official tracking down funds stolen in the largest Ponzi scheme ever, on Monday announced that two investment funds — Herald Fund SPC and Primeo Fund — have agreed to return $497 million they received by investing with Madoff. The deal brings the total funds recovered in the liquidation of Madoff's investment firm to more than $10.3 billion, of which nearly $6 billion has been returned to investors. Investors lost $17.3 billion in principal upon the 2008 collapse of Madoff's Ponzi scheme, for which he is now serving a 150-year prison sentence.
