BUSINESS
04/27/2009 05:12 am ET | Updated May 25, 2011

Madoff Liquidator Has $2.6 Billion, Enough To Pay Back "Legitimate Claims"

March 27 (Bloomberg) -- The agency liquidating Bernard Madoff's brokerage says the $2.6 billion it has on hand is enough to satisfy all legitimate claims by victims of the money manager's $65 billion Ponzi scheme.

The Securities Investor Protection Corp. is using a formula that investors may challenge in court. The agency has the money in an industry-financed fund and from recovered assets to reimburse Madoff's 5,000 customers to the maximum allowed by its charter, Stephen Harbeck, SIPC president, said in an interview.

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