2nd Circ. Affirms $220M Madoff Trustee Deal With Levy Heirs

Law360, New York (December 21, 2012, 4:32 PM ET) -- The Second Circuit on Friday dismissed a challenge to Madoff trustee Irving Picard's $220 million settlement with the heirs of net-winner Norman F. Levy, a loss for other Bernard Madoff victims who argued the Levys should have paid more.

The court affirmed the deal in a summary order, saying settlement opponent Marsha Peshkin had not shown that the purportedly new evidence she offered would have changed a bankruptcy court's decision to grant approval. Peshkin argued that when Madoff's Ponzi scheme collapse, Levy owed $2 billion to...
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