Business

Irving Picard said in a statement that victims of Bernard Madoff's $17.5 billion Ponzi scheme will expect additional payments totaling $349 million as soon as the US Bankruptcy Court in New York approves the distribution.

The jury at a Chicago federal court said former Sentinel Management Group Inc chief executive Eric Bloom was guilty of misleading his clients with a fraud scheme partly because he runs the firm, Bloomberg said.

The US Supreme Court was able to save the Internal Revenue Service from paying over $1 billion in severance pay tax claims made by Quality Stores on the insistence that the supplemental unemployment compensation was not subject under Federal Insurance Contributions Act.