Madoff Victims Can't Add Interest, Inflation To Claims: Judge

Law360, Los Angeles (September 10, 2013, 10:30 PM EDT) -- A New York bankruptcy judge on Tuesday ruled certain victims of convicted fraudster Bernard Madoff's sweeping Ponzi scheme aren't entitled to inflation adjustments or interest on their claims, affirming the position of the trustee in charge of liquidating Madoff's firm. 

Judge Burton R. Lifland ruled in favor of Irving Picard in his dispute with former customers of Madoff Investment Securities LLC, saying time-based damages shouldn't be included in customers' "net equity" claims under the Securities Investor Protection Act. The clear language of the statute doesn't support including interest, inflation or other time-based...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.