Supreme Court Snub Paves Way For $8B Madoff Payout

Law360, New York (June 25, 2012, 3:59 PM EDT) -- The U.S. Supreme Court on Monday refused to hear two cases challenging the method used by the trustee liquidating Bernard L. Madoff's Ponzi scheme to repay victims, setting the stage for a nearly $8 billion distribution delayed by years of litigation.

The high court denied petitions for writ of certiorari in separate cases that questioned whether Irving Picard, liquidating trustee for the Madoff estate, was using the right formula to repay victims of Bernard L. Madoff Investment Securities LLC.

The Second Circuit in August affirmed a...
To view the full article, register now.