2nd Circ. Rejects Time-Based Damages For Madoff Victims
Law360, New York (February 20, 2015, 2:19 PM EST) -- The Second Circuit on Friday denied early investors in Bernard Madoff’s Ponzi scheme an inflation adjustment or interest on their claimed losses, finding no basis in the Securities Investor Protection Act for such an alteration to the existing victim payout formula.
A three-judge panel affirmed the position of Irving H. Picard, the liquidating trustee charged with mopping up the $20 billion fraud, that investors who long ago entrusted money to Madoff cannot receive a time-based increase to their so-called net equity claims.
Picard, who is trying to divide recoveries from a pie far smaller than the amount stolen, has opposed altering...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!