Law360, New York ( January 2, 2015, 9:47 AM EST) -- With 2014 in the rearview mirror, the bankruptcy estate of Bernard Madoff reports that it has recovered $10.4 billion in recoveries and settlement agreements, of which $5.3 billion has been distributed to victims of Madoff's fraud. 2014 was a year of highs and lows for Irving H. Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS") and the bankruptcy estate of Bernard estate of Bernard L. Madoff (the "Trustee"), who has primarily fought with the "net winners" — domestic and foreign feeder funds, as well as individual investors, who withdrew more from their accounts than they invested — to claw back monies for redistribution to the "net losers" in Madoff's Ponzi scheme....