2nd Circ. Says Picard Can't Claw Back From Madoff Customers

By Cara Salvatore (December 8, 2014, 2:15 PM EST) -- The Second Circuit refused Monday to allow Bernard Madoff trustee Irving Picard to claw back over $1.6 billion from investors who received profits before Madoff's historic Ponzi scheme collapsed, applying the broad definition of "securities contract" in the Bankruptcy Code even though the firm never actually carried out securities transactions in the accounts....

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