Madoff victims set to receive $687M in new settlement

Former financier Bernard Madoff exits Federal Court in Manhattan, New York on Tuesday, March 10, 2009. (David Karp)

A new settlement will deliver more than $600 million to some of Bernie Madoff's victims.

Thema International, an Irish fund that invested all of its assets with Madoff, is set to receive $687 million.

An approval hearing in bankruptcy court is set for next month.

The trustee for the liquidation of Madoff's company recovered or reached agreements to recover more than $12 billion so far.

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