Madoff trustee seeks to free up $1.25 bln for fraud victims

April 15, 2015 6:45 PM

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NEW YORK, April 15 (Reuters) - The trustee recouping money for victims of Bernard Madoff's Ponzi scheme on Wednesday sought court approval to release $1.25 billion from legal reserves, potentially boosting the total payout to $8.22 billion.

Irving Picard, the trustee, said the request was made possible after a federal appeals court in New York ruled on Feb. 20 that victims were not entitled to "time-based" inflation or interest adjustments on their claims.

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