NEW YORK — More checks are in the mail for financier Bernard Madoff's victims, nearly four years after his epic Ponzi scheme collapsed.
Irving Picard, the trustee overseeing the liquidation of Madoff's firm, mailed checks worth nearly $2.5 billion Wednesday.
The distribution satisfies about half of the allowed claims filed by Madoff investors, Picard's office announced Thursday. The average payment: slightly more than $2 million.
The trustee's office says it has now distributed a total of $3.6 billion to Madoff victims.
Picard has sued hundreds of Madoff customers who took out more cash than they contributed to Madoff's scheme, on the assumption they were pulling out investment profits.
The trustee said he has recovered or reached settlements to recover $9.1 billion, or 53%, of the estimated $17.3 billion in principal contributed by Madoff's victims.