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Banks Pay Overseas Madoff Investors $15.5 Billion

NYT – About 720,000 investors outside the United States who lost money to the convicted swindler Bernard L. Madoff have settled with their banks, receiving about $15.5 billion in all, according to law firms representing those victims of the fraud, Raphael Minder and Diana B. Henriques of The New York Times report.

The settlements cover about 80 percent of the clients represented by the firms, said Javier Cremades, founder of Cremades & Calvo-Sotelo, a Madrid law firm, who helped organize the global alliance of 60 firms a year ago. The $15.5 billion figure represents, in theory, 100 percent of the amount clients had invested in Mr. Madoff’s Ponzi scheme, Mr. Cremades said, but excludes in almost all cases the bogus paper gains that were listed on investor statements.

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