Madoff Trustee Decries Limit On Recovering False Profits

Law360, New York (October 11, 2011, 8:35 PM EDT) -- The Bernard L. Madoff Investment Securities LLC bankruptcy trustee on Friday blasted a judge's order limiting efforts to reclaim phony profits from the Ponzi scheme, saying victims would be deprived of billions of dollars and seeking permission to appeal to the Second Circuit.

Trustee Irving Picard said in court filings that because Madoff never actually completed any trades or transactions, the bankruptcy law provision protecting stockbrokers, which U.S. District Judge Jed Rakoff invoked to cap a clawback claim against the owners of the New York Mets,...
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