FILE PHOTO: Securities Investor Protection Act Trustee Irving Picard speaks as Manhattan U.S. Attorney Preet Bharara looks on during a news conference in New York, announcing the return of $7.2 billion from the estate of Madoff insider Jeffry Picower to settle civil claims for victims of Bernard Madoff's ponzi scheme December 17, 2010. REUTERS/Shannon Stapleton/File Photo
According to settlement papers, Ruth Madoff, 77, who was never charged in connection with her husband’s Ponzi scheme, will pay $250,000 in cash and give up $344,000 of trusts for two grandchildren. Ruth Madoff’s settlement was made public on Friday, and requires approval by U.S. Bankruptcy Judge Stuart Bernstein in Manhattan. Peter Chavkin, a lawyer for Madoff, declined to comment on Monday.
Picard had sought $44.8 million from Ruth Madoff, but in a court filing called her settlement a “fair and reasonable compromise,” citing her limited assets and the litigation risks.