Levy Family Will Pay $220-Million Madoff Claim, but Foundation Spared
by Andy Markowitz on Jan.28, 2010, under Social Entrepreneurship
The heirs of the late businessman and philanthropist Norman Levy have reached a settlement with the Bernard Madoff bankruptcy trustee to pay $220-million to settle a claim over the money in the estate that came from the Madoff fraud, according to papers filed Wednesday in U.S. Bankruptcy Court, says Bloomberg.
The trustee, Irving Picard, will not pursue the family’s charitable foundation, he said, because the money had been given to charity.
