NY Appeals Holds Investors Can't Claim Phony Madoff Gains

Law360, New York (December 11, 2012, 4:09 PM EST) -- A New York state appeals court on Tuesday affirmed that a family investment office seeking more than $100 million in recovery from a group of insurers cannot claim nonexistent losses from inflated account statements provided by convicted fraudster Bernard Madoff.

The New York Appellate Division, First Department, backed the state Supreme Court’s ruling that the plaintiffs — a collection of investment vehicles affiliated with Jacobson Family Investments Inc. and set up by heirs to the founders of industrial equipment supplier MSC Industrial Direct Co. Inc. —...
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