A U.S. appeals court issued a mandate on a bid by investors in Bernard Madoff’s Ponzi scheme to change the trustee’s method of calculating who gets compensated for losses.
The New York appeals court said in August that trustee Irving Picard can ignore fictitious profits on money Madoff never invested when calculating who gets paid. The court denied a request by investors for a rehearing on Nov. 8. The mandate affirms a lower court ruling.
Madoff, 73, is in a federal prison in North Carolina, serving a 150-year sentence for the fraud.
The case is In re Bernard L. Madoff Investment Securities LLC, 10-2378, U.S. Circuit Court of Appeals for the Second Circuit (Manhattan).
To contact the reporter on this story: Linda Sandler in New York at email@example.com.