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Madoff Trustee's Court Win May Target $2 Billion for Victims

  • New York appeals court revives about 100 lawsuits by investors
  • Offshore Madoff customers allegedly profited from Ponzi scheme
Bernard Madoff, founder of Bernard L. Madoff Investment Securities LLC, leaves federal court in New York on March 10, 2009.

Bernard Madoff, founder of Bernard L. Madoff Investment Securities LLC, leaves federal court in New York on March 10, 2009.

Photographer: Jin Lee/Bloomberg

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A federal appeals court revived almost 100 lawsuits seeking what may be as much as $2 billion lost from Bernard Madoff’s Ponzi scheme when the cash was transferred overseas.

The decision Monday by the U.S. Court of Appeals in Manhattan reverses a 2016 ruling that benefited foreign customers of offshore "feeder funds," which invested mostly with Madoff’s advisory firm. Those investors allegedly withdrew more money than they put in before the scheme collapsed in 2008.