Madoff Victim Blasts $220M Levy Settlement At 2nd Circ.

Law360, New York (December 17, 2012, 8:01 PM EST) -- A Bernard Madoff victim on Monday urged the Second Circuit to undo trustee Irving Picard's $220 million settlement with heirs of net-winner Norman F. Levy, saying Picard settled too cheaply.

When Madoff's Ponzi scheme collapsed, Levy owed $2 billion to his firm, a point Picard should have taken into account when crafting a settlement that ended his heirs' liability, a lawyer for victim Marsha Peshkin said at oral arguments before a three-judge panel in Manhattan.

When that information came out, the district court should have reversed...
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