The sordid Bernard Madoff affair will take years to play out. And the bulk of the money lost by victims will never be recovered. But you would have to assume we'll see some big settlements soon, given the raft of suits trustee Irving Picard has filed. He has said as much in bankruptcy court recently.

Picard's seeking the return of some $50 billion from investors around the globe. You have to admire Picard's zeal. His list of targets include JPMorgan Chase, Citigroup, HSBC, UBS and his friend and Austrian banker Sonja Kohn, whom Picard thinks was Madoff's main accomplice, notes Reuters.

Kohn denies any wrongdoing. Her bank, 2020 Medici--formerly known as Bank Medici--"blamed court-appointed trustee Irving Picard for unfairly casting blame for Madoff's epic fraud on the bank and Kohn," reports the Assocaited Press. The bank said the claims "are completely unfounded and untrue." So, it's fair to say Kohn will not be settling yet.

Perhaps the recently sued banks have not had time to formulate their optimal course of action. So, the settlements may in fact come from lesser participants. But Picard faces some potential blowback from investors he has sued, who are likely destitute after losing a lot to Madoff. Picard's theory of picking whom to sue may get more scrutiny soon, as might his legal fees.

For more:
- here's the Associated Press article
- here's the Reuters article

Related Articles:
Speculators aim to cash in on Madoff settlements
Madoff clawback activity heats up
Mark Madoff tragedy will not stop Irving Picard
Two more Madoff employees arrested