This morning a U.S. bankruptcy judge approved a $10.7 million settlement between Sentinel Management Group Inc.’s bankruptcy trustee and Philip Bloom, Sentinel’s founder, and his son Eric Bloom, the firm’s CEO. The trustee, Fred Grede had initially sought $350 million recovery for Sentinel’s creditors.

“We think there are significantly more sources of recovery,” Grede said in a previous conversation. Grede has also filed suit against the Bank of New York Mellon and Sentinel’s accountants, and adds that there will be other lawsuits to recovery more of the Sentinel customer funds going forward.

The Bank of New York, has notably filed suit against the trustee.

For background on the case and details of the settlement and access to court documents, see posting:
Avarice in bloom.