[JURIST] A US bankruptcy judge approved a historic settlement on Thursday with the estate of Jeffry Picower, a friend and investor of fraudulent financier Bernard Madoff [JURIST news archive]. As part of the approved settlement, Picower’s widow, Barbara, has agreed to forfeit an unprecedented $7.2 billion to Trustee Irving Picard [LA Times report] to be returned to victims of the multi-billion dollar Ponzi scheme. The settlement was approved by US Bankruptcy Judge Burton Lifland in Manhattan over objections by some…