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Madoff Victims Seek ‘Rehearing’ on Fictional Profit Recovery

Investors in Bernard Madoff’s former firm asked a U.S. appeals court to review its ruling barring them from recovering money lost in the Ponzi scheme.

A federal appeals court in New York said Aug. 16 that the liquidator of the con man’s firm can ignore fictitious profits on money Madoff never invested when calculating losses and who is entitled to be repaid. The investors asked for a “rehearing” by the full court, saying the Second Circuit Court of Appeals ruled differently in an earlier case.