An attorney for several hundred victims of Bernard Madoff's Ponzi scheme says she will ask the U.S. Supreme Court to overturn an appeals court ruling that would limit payments by the Securities Investor Protection Corporation, or SIPC,according to a CNBC report.
A three-judge panel of the Second Circuit Court of Appeals in New York on Tuesday upheld the formula developed by Irving Picard, the court-appointed trustee who is liquidating Madoff's firm.
Under the so-called "net equity" formula, investors are compensated based on the amount they invested minus the amount they withdrew. Several investor groups challenged the formula, saying they should receive payments based on the amounts shown on their last statements before Madoff's scheme collapsed in December 2008…
Read more at http://www.cnbc.com/id/44163458
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