Some Clarity On Madoff Recovery Calculations

Law360, New York (January 28, 2016, 4:21 PM EST) -- John H. Thompson

Alex M. Lurie The U.S. District Court for the Southern District of New York recently affirmed the bankruptcy court’s decision to approve the method used by the trustee of the estate of Bernard L. Madoff Investment Securities LLC (BLMIS) to value the net equity of transfers between BLMIS accounts. See In re BLMIS, Case No. 1:15-cv-01195-PAE, Doc. No. 32 (S.D.N.Y. Jan. 14, 2016).

Background

The Securities Investor Protection Act (SIPA) provides that customers of a failed broker-dealer will “share ratably in such customer property on the basis and to the extent of their respective net equities.”

Previously, the...

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