Pawlenty urges Madoff victims to file claims

St. Paul, Minn. (AP) — Minnesota Gov. Tim Pawlenty is urging victims of Bernard Madoff's alleged $50 billion Ponzi scheme to file claims for compensation.

Wednesday, March 4, is the deadline for former Madoff customers and creditors to submit claims for restitution to the Securities Investor Protection Corporation.

Pawlenty says he wrote to Securities and Exchange Commission Chairwoman Mary Shapiro, who told him the Securities Investor Protection Corporation will determine the level of compensation for Madoff victims. But first, those who lost money must meet the claim deadline.

Some estimates put the Madoff losses in Minnesota at $300 million - enough to hurt the state's upcoming budget forecast because of lower income taxes.