Victims of Bernie Madoff are set to receive approximately $505 million after trustee Irving Picard filed a motion Wednesday for a third distribution of funds.
Once approved, the money will be distributed to victims of Madoff's massive securities Ponzi scheme.
Officials report that approximately $5.4 billion of the approximately $9.3 billion worth of claims will be satisfied when this money is released.
The average payment for a claim issued in the third distribution will total approximately $458,000, according to officials.
Madoff is serving a 150-year prison sentence.