Mrs. Madoff Gives up $80 Million

In a move that might inspire empathy out of the American public if it was anyone other than the wife of the man who orchestrated the biggest Ponzi scheme in history, Ruth Madoff has decided to give up a claim of $80 million in assets. This leaves Madoff with $2.5 million, much less than she would have gotten if she pursued the claim.

This settlement came late yesterday after U.S. District Judge Denny Chin, who is also responsible for sentencing Bernard Madoff in court on Monday, approved of the decision. Ruth Madoff will not be present for the sentencing but she does have the option of making a statement after all is said and done.

The courts have already decided how much Madoff will have to pay, a whopping sum of $170 billion. This amount does not actually mean that the courts expect Madoff to cough up that much money; rather, it gives prosecutors the right to snatch up any assets that Madoff has left in order to create a restitution fund.

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