Of course, that’s just a settlement with Picard, the Madoff Trustee. Walter Noel’s Fairfield Greenwich Group reached a similar agreement but that still leaves plenty of private lawsuits to resolve. I’ll admit to some confusion – I’d thought that feeder fund customers were ineligible to participate in the Picard suit. Perhaps I misunderstood.
UPDATE: here’s a clearer article (from the NY Post, of all places). The settlement says that, in exchange for Tremont kicking in a billion, its customers who lost a total of $3 billion will be allowed in to the Picard recovery.