Deadline Looms For Madoff Victims To Recover Money

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On Monday, Geneva-based bank Union Bancaire Privee agreed to pay up to $500 million to the victims restitution fund. On Tuesday, Carl Shapiro, an early Madoff investor who made $1 billion from Madoff, and family members agreed to forfeit $625 million to the victims.

Picard is currently negotiating with the estate of the late Florida investor Jeffry Picower. Picower, who died in 2009, allegedly reaped $7.2 billion from Madoff's fraud.

Picard has also sued California money manager Stanley Chais, who died in September, for $1.1 billion. Chais, Picower and Shapiro have previously denied wrongdoing.

Picard will use whatever money is recovered to compensate the victims, but also to pay Madoff's creditors, which include major corporations.

Baker & Hostetler's legal fees are rumored to have reached about $2 million per week as the clawback deadline looms. The legal fees are paid by the Securities Investor Protection Corporation (SIPC), a congressionally mandated corporation funded by SEC-registered stock brokerage firms.

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