Madoff’s friend gives back $7bn

THE MAN assigned to recover money for Madoff’s victims won his biggest settlement yet -- an agreement by the estate of longtime Madoff friend Jeffry Picower to return $7.2bn (£4.6bn) from the epic fraud.

The settlement significantly boosts the recovery pot to close to $10bn, capping a weeks-long flurry of settlements and lawsuits around the second anniversary of Bernard Madoff’s arrest and confession to orchestrating what is considered the biggest financial fraud in history.

Picower died of a heart attack in Florida in October 2009.