Mad­off trustee’s ap­peal is de­nied

Los Angeles Times - - TECHNOLOGY -

The Supreme Court won’t hear an ap­peal from the trustee try­ing to re­cover nearly $ 4 bil­lion for vic­tims of Bernard Mad­off ’s mas­sive Ponzi scheme.

The jus­tices let stand a lower court de­ci­sion that blocked trustee Irv­ing Pi­card from re­cov­er­ing and dis­tribut­ing nearly $ 2 bil­lion and raised ques­tions about an ad­di­tional $ 2 bil­lion in po­ten­tial re­cov­er­ies and dis­tri­bu­tions.

A fed­eral ap­peals court ruled last year that some Mad­off cus­tomers who re­ceived more in pay­outs from Mad­off than their orig­i­nal in­vest­ment were pro­tected un­der bank­ruptcy laws.

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