Court: No Inflation Pay on Recovered Funds of Madoff Victims

[Eugene]

Source: Associated Press

Court: No Inflation Pay on Recovered Funds of Madoff Victims

NEW YORK — Feb 20, 2015, 11:02 AM ET

A federal appeals court says thousands of victims of Bernard Madoff's multibillion-dollar fraud are not entitled to interest or inflation when they get a share of recovered funds.

The Securities and Exchange Commission said publicly in 2009 and again before a bankruptcy judge that Madoff's victims should get an inflation adjustment.

On Friday, the 2nd U.S. Circuit Court of Appeals in Manhattan said that was inconsistent with the SEC's position in other cases.

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Investors lost about $20 billion over several decades as Madoff distributed statements saying the money entrusted to him by several thousand customers had more than tripled in value.

Read more: http://abcnews.go.com/US/wireStory/court-inflation-pay-recovered-funds-madoff-victims-29103517

[Demeter]

1. the NERVE of some people!

They should be grateful that they aren't paying the legal costs of recovering anything at all, like us poor slobs would be, if it weren't a super scandal of the super rich.