Doubtful 2nd Circ. Eyes Madoff Investors' Interest Claims

By Pete Brush (October 14, 2014, 3:07 PM EDT) -- A federal appellate panel on Tuesday expressed skepticism that it could order the payment of interest to early investors in Bernie Madoff's Ponzi scheme despite their lawyers' pleas for "fairness" in making whole those who long ago trusted the fraudster.

The jilted investors were before Second Circuit Judges Debra Ann Livingston, Chester J. Straub and Richard C. Wesley, with the latter two repeatedly doubting their authority — and the rationale — for potentially authorizing such a change to the payout formula being used by Irving H. Picard, the trustee in the bankruptcy of Madoff's phantom brokerage.

The courts already have rejected...

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