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Supreme Court rejects Madoff trustee's appeal over $4 billion recovery
Source: Reuters
US | Mon Jun 22, 2015 9:48am EDT
Supreme Court rejects Madoff trustee's appeal over $4 billion recovery
WASHINGTON | BY LAWRENCE HURLEY
The U.S. Supreme Court on Monday left intact a court ruling that could prevent victims of Bernard Madoff's Ponzi scheme from recouping more than $4 billion from customers who withdrew money before the enterprise collapsed.
The high court left in place a December 2014 ruling by the New York-based 2nd U.S. Circuit Court of Appeals, which said federal bankruptcy law did not let the trustee Irving Picard recoup a variety of payments that Bernard L. Madoff Investment Securities LLC made to some customers more than two years before the firm collapsed on Dec. 11, 2008.
The decision does not affect the $10.69 billion that Picard has recouped for former Madoff customers, who lost about $17.5 billion of principal.
Picard’s lawyers had said that if the appeals court decision were left intact, they would be barred directly from recovering about $2 billion and it would make it harder to seek a further $2 billion, putting a total of $4.3 billion in question.
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Supreme Court rejects Madoff trustee's appeal over $4 billion recovery
WASHINGTON | BY LAWRENCE HURLEY
The U.S. Supreme Court on Monday left intact a court ruling that could prevent victims of Bernard Madoff's Ponzi scheme from recouping more than $4 billion from customers who withdrew money before the enterprise collapsed.
The high court left in place a December 2014 ruling by the New York-based 2nd U.S. Circuit Court of Appeals, which said federal bankruptcy law did not let the trustee Irving Picard recoup a variety of payments that Bernard L. Madoff Investment Securities LLC made to some customers more than two years before the firm collapsed on Dec. 11, 2008.
The decision does not affect the $10.69 billion that Picard has recouped for former Madoff customers, who lost about $17.5 billion of principal.
Picard’s lawyers had said that if the appeals court decision were left intact, they would be barred directly from recovering about $2 billion and it would make it harder to seek a further $2 billion, putting a total of $4.3 billion in question.
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Read more: http://www.reuters.com/article/2015/06/22/us-usa-court-madoff-idUSKBN0P21GI20150622
