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A U.S. government fund to compensate people swindled by Bernard Madoff announced its tenth and final distribution on Monday, saying it will have paid out $4.3 billion to 40,930 of the late Ponzi ...
The payouts being made by the Madoff Victim Fund (MVF) are worth $131.4m (£104.6m) and are set to bring the total amount it has handed out to 40,930 claimants to $4.3bn.
The fund was formally established by an Act of Congress in the Air Transportation Safety and System Stabilization Act (49 USC 40101). Feinberg was responsible for making the decisions on how much each family of a victim would receive. Feinberg had to estimate how much each victim would have earned in a full lifetime.
The fund has already paid out more than $4.3 billion to nearly 41,000 victims in 127 countries following the uncovering of the multibillion-dollar scheme in December 2008, the department said.
In the aftermath of the attack, the American Red Cross' Liberty Fund amassed $547 million in donations. The charitable organization halted the collection of donations in October 2001, announcing that the monies pledged would be enough to cover immediate and longterm efforts to support the victims of the attack. [3]
The September 11th Fund was created by the New York Community Trust [1] and the United Way of New York City [2] in response to the destruction of the World Trade Center on September 11, 2001. The Fund collected $534 million from more than two million donors and distributed a total of 559 grants totaling $528 million.
The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors.
World Trade Center monument at Zadroga Field, North Arlington, New Jersey. The James Zadroga 9/11 Health and Compensation Act of 2010 (H.R. 847; Pub. L. 111–347 (text)) is a U.S. law to provide health monitoring and aid to the first responders, volunteers, and survivors of the September 11 attacks.