Burned Madoff Investors Appeal Dismissal Of SIPC Suit

Law360, New York (December 3, 2009, 3:13 PM EST) -- Three investors who lost their savings because of Bernard L. Madoff's Ponzi scheme have asked a court to reopen a case that accuses trustee Irving Picard of foot-dragging on insurance payouts.

The investors want the U.S. District Court for the Southern District of New York to overturn the dismissal of an adversary proceeding that accuses Picard of unlawful delays and misrepresentations under the Securities Investor Protection Act of 1970. Picard has been tasked with disbursing Securities Investor Protection Corp. insurance money to Madoff investors.

The bankruptcy...
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