720,000 Madoff Investors Reportedly Settle With Banks For $15.5 Billion

Lawyers from the Madrid law firm of Cremades & Calvo-Sotelo reportedly have indicated that about 720,000 overseas investors who lost money when their banks invested in Bernard Madoff’s Ponzi scheme have reached a $15.5 billion settlement with the investors’ banks. That amount should allow investors to receive their investments back in full, not including increases they had believed they were achieving. 

Articles on the settlement are available at http://www.nytimes.com/2010/05/25/business/global/25madoff.html?hpw=&pagewanted=print; http://www.businessweek.com/news/2010-05-25/madoff-investors-banks-settle-for-15-5-billion-lawyers-say.html; and http://online.wsj.com/article/SB10001424052748704113504575265451688937736.html.