Tremont Group Holdings settled Madoff suit for $1 Billion. Madoff trustee Irving Picard sued fund of hedge funds operator Tremont for $2.1 Billion arguing that Tremont benefited from the Ponzi scheme by ignoring warning signs. People call this a $60 Billion scheme but it was really a $17.3 Billion scheme. Irving Picard managed to recover $8.6 Billion so far which is nearly 50% of the total funds invested with Bernie Madoff.
This isn’t the end of the story either. Picard is still pursuing nearly 1000 different entities, including major financial institutions like JP Morgan, Citigroup, and HSBC. By the way, Irving Picard seems to be ready to settle for 50% of what he is asking.