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Entrepreneur and philanthropist Carl Shapiro and other representatives of "Shapiro incumbent Advisory investment accounts has concluded an agreement with" US prosecutors in New York.

The US Government filed documents in court to recover the money accounts of JP Morgan Chase and said that the product will be distributed to Madoff investors.

Shapiro, 97, first of all invested money with Madoff in 1961, two years after the imposter has launched his company.

Madoff, 72, is serving a 150-year prison sentence after pleading guilty in March 2009 a decades long multi-billion fraud who defraud thousands of investors worldwide.

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More than a million policyholders fought refund in the last decade.

George Osborne, the Chancellor should provide a more generous payment as part of expenditure review overall Wednesday that thought.

Before the election, the conservative party promised to reimburse customers who had lost their savings when the insurer has collapsed in 2001 ￡ 1 billion.

Was then reduced to 400 million to 500 million books from ￡, after a review by Sir John Chadwick, former judge of the Court of appeal, in July.

But the new figure to overshadow the two sums and could be up to three times the amount recommended by Sir John during the summer.

It is believed that the collapse of fair, the oldest insurer in the world, have subscribers costs a total of 4 billion pounds to 4.8 billion pounds, compared with the amount they would have run with another life insurer.

The compensation offered by the Government is not close to sum, but will be targeted to give performance rather wealthy investors and savers.

Up to 500 million from ￡ packet will be reserved for those who have been with the nonprofit, giving them a stable retirement income annuities, and will be paid over time rather than monthly payments, they lost.

Others ￡ 1 billion will be allocated immediately after examination as to spend the next week, and payments will be made in the next year.

The Daily Telegraph has led a long campaign for savers - many of whom were elderly and retired - for the right to remuneration.

More than a million policyholders fought refund in the last decade.

Many have been killed at a rate of 15 per day, but it is understood their families will be considered in the package will be announced next week.

Mr. Osborne is set to unveil reductions of more than 25% over the next four years in several departments, leading questions about the timing of compensation packages.

But the Ministers noted that the hand of the Government was forced by a number of judgments, which revealed that breaches by regulatory agencies and Government departments play a role in the disappearance of the insurer.

Coalition, a source told the Daily Mail failure of Government to work to help the victims was "outrageous."

The sources of the Treasury Board has refused to comment last night.

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Concerns have been raised yesterday after the Court of Appeal overturned a decision by High Court 2008, which was pronounced sufferers - mesothelioma caused by asbestos in the workplace - exposure should be compensated by the insurer which covered in their employer at the time they were exposed.

However, the Court of appeal said liability can lie now with insurers employers when victims suffer the symptoms of mesothelioma, which can start at 50 or 60 years after exposure to asbestos .the decision means victims could face more expected compensation that the exact wording used in insurance contracts must be studied.

Helen Ashton, Irwin Mitchell, who represented one of the lead providers in the case, said that it is now a question of 'pot luck"that victims are compensated and will also leave their employers and uncertain insurance where they stand.

Charles Gordon, partner at DLA Piper, said: "it is a question mark on what can mean this result for claims concerning other illnesses such as cancer of the poumon.Il is a suggestion that some insurers may seek to extend the reasoning by analogy to other similar diseases Court."

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