Madoff trustee: About $950 million recovered

NEW YORK: A trustee liquidating Bernard Madoff's investment firm has told a federal judge that nearly $950 million in cash and securities has been recovered for investors.

Trustee Irving Picard told Judge Burton Lifland about the recovery during a hearing Wednesday in U.S. Bankruptcy Court. Authorities say Madoff has said he ran a $50 billion Ponzi scheme.

Picard says $111.4 million in cash had been recovered from financial institutions. He says about $300 million in securities were identified but it was unclear what they were worth.

Last week, JPMorgan Chase & Co. and Bank of New York Mellon Corp. said they would transfer a combined $534.9 million from Madoff's investment firm accounts to Picard.

Investors have until July 2 to place their claims.