Irked Customers Battle Madoff Trustee In 2nd Circ.

Law360, New York (March 3, 2011, 7:12 PM EST) -- Scores of Bernard Madoff customers, including the New York Mets' owners, squared off Thursday against a bankruptcy trustee in the Second Circuit over a claims calculation method that has cut them out of recoveries for victims of the Ponzi scheme.

A lawyer for the Mets' owners, Karen E. Wagner of Davis Polk & Wardwell LLP, argued to a panel in the U.S. Court of Appeals for the Second Circuit that the trustee's decision to use principal amounts, rather than values on investment statements, as a means...
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