Madoff trustee spends $26.9m

A trustee overseeing the bankruptcy of Bernard Madoff’s investment firm spent $26.9m (£16.8m) in the second and third quarters to recover $849,000 for Madoff’s victims, according to a federal court filing. Irving Picard, the trustee, said in a filing with Manhattan federal court that much of the expense – $15.8m – went to cover fees for his law firm, Baker & Hostetler.