Madoff Victims Want Another Shot At 2nd Circ. Appeal

Law360, New York (September 6, 2011, 12:33 PM EDT) -- Bernard L. Madoff Investment Securities LLC victims on Saturday sought full-court review of a Second Circuit ruling that they can only recover the principal they invested in the Ponzi scheme, not paper profits, saying it contradicts an earlier circuit decision.

In seeking en banc review of the three-judge panel's decision affirming a bankruptcy court's approval of trustee Irving Picard's so-called net equity method of calculating recovery, the investors argues the Second Circuit itself had earlier given its blessing to the alternative last-statement method.

“Reconsideration of the...
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