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The Daily

SCOTUS Rules Against Madoff Victim Trustee

Chris Gaetano
Published Date:
Jun 22, 2015
GavelThe Supreme Court of the United States sided with an appeals court that had ruled against a claim by Irving Picard, a trustee representing the victims of notorious fraudster Bernie Madoff, to recoup funds from customers who withdrew their money before the scheme collapsed, according to Reuters. The decision leaves in place a ruling from last December that determined that the trustee does not have the right under federal bankruptcy law to recover payments from customers who took out their money from Madoff's company more than two years before the company collapsed in 2008 in the wake of revelations that it was a multi-billion dollar Ponzi scheme. Picard has already recouped more than $10 billion from former customers of Madoff, who is currently serving out a prison sentence of 150 years, but would need $7 billion more before all $17.5 billion lost by customers in the scheme's collapse would be recovered. The SCOTUS said that if Picard were allowed to recover that money, it would risk significant market disruption.