Madoff trustee has won $9.8bn

THE trustee seeking money for investors hurt by Bernard Madoff’s Ponzi scheme said he hopes to begin distributing money “in the near future” but that lawsuits challenging his efforts are causing delays.

Irving Picard, the trustee, said he has won $9.8bn (£6bn) in recoveries since the fraud was uncovered in December 2008. But most of this sum is being held, including a $7.2bn settlement from the estate of former Madoff investor Jeffry Picower that is being challenged by investors who complain the accord blocks other lawsuits against the estate.