The long-time investor and friend of Bernard Madoff Jeffry Picower, who died last month, has left hundreds of millions of dollars and an assortment of jewellery and other valuables including diamond cufflinks to his family, friends and charity.

The details, spelt out in Picower’s will, came as discussions continued over a settlement with Irving Picard, the trustee leading the effort to recover “fake profits” made from Mr Madoff’s fraud.