Madoff trustee in $1bn pact

The trustee seeking money for Bernard Madoff's victims announced a $1bn settlement with liquidators for three “feeder” funds yesterday, allowing higher payouts to the swindler’s former customers. The trustee, Irving Picard, said he also decided to stop his pursuit of $3.8bn from the liquidators of the Fairfield funds, citing the funds’ “limited ability to pay cash toward any judgment.”