The trustee liquidating Bernard L. Madoff’s former firm won an appeals court ruling that affirmed his method of determining which investors can recover money lost in the Ponzi scheme, those fine folks at Bloomberg report.
The federal appeals court in New York said yesterday that trustee Irving Picard can calculate losses by subtracting the amount withdrawn from an investor’s account from the total placed with Madoff, the so-called net investment method.
A group of Madoff victims urged the court to require Picard to use their final account statements, reflecting fictitious profits on money Madoff never invested, to determine losses. Yesterday’s ruling limits the number of victims who can claim money from the fund Picard oversees and reduces the amount of many eligible claims.
“Mr. Picard’s selection of the net investment method was more consistent with the statutory definition of ‘net equity’ than any other method advocated by the parties or perceived by this court,” Chief U.S. Circuit Judge Dennis Jacobs wrote in the opinion..
Read more at http://www.bloomberg.com/news/2011-08-17/madoff-agility-apple-tcw-brocade-news-corp-galleon-in-court-news.html
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