Judge Blocks ERISA Claims In Madoff Liquidation

Law360, New York (July 26, 2012, 1:03 PM EDT) -- Retirement plans and retirees who invested indirectly in Bernard L. Madoff Investment Securities LLC cannot recover funds from the firm's liquidation under the Employee Retirement Income Security Act, a New York federal judge ruled Wednesday, dealing a blow to Ponzi scheme victims.

U.S. District Judge Denise Cote said two types of investors — individuals who participated in ERISA-regulated retirement plans that invested with BLMIS, and retirement plans that invested with BLMIS account holders — could not be considered customers of the defunct firm. As a result,...
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