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Victims of Bernard Madoff‘s fraud may recover less money than they had hoped after a federal appeals court limited the ability of the trustee liquidating the swindler’s firm to recoup “fictitious profits” and other transfers from customers.
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The 2nd U.S. Circuit Court of Appeals in New York on Monday said federal bankruptcy law did now allow the trustee Irving Picard to recoup a variety of securities-related payments made to customers by Madoff’s firm before it collapsed.
Picard, who has so far recouped about $10.5 billion, had sought the ability to claw back money sent to various customers in the six years before Bernard L. Madoff Investment Securities LLC went bankrupt in December 2008.
