Shapiro to forfeit $625 million in Madoff case

The Boston Herald reports:

Boston philanthropist Carl Shapiro and entities related to him have agreed to return $625 million of some $1 billion that authorities claim they made investing with Bernard Madoff.

One of Boston’s richest men and a beloved benefactor of local hospitals, arts institutions and other charities, Shapiro agreed to return the money in a settlement filed in New York federal court today. The 97-year-old reached the deal after lengthy negotiations with lawyers for Irving Picard, the trustee appointed to unscramble Madoff’s $65 billion Ponzi scheme.