Supreme Court rejects Madoff trustee's appeal over $4 billion recovery

Reuters News
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Posted: Jun 22, 2015 9:36 AM

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday left intact a court ruling that could prevent victims of Bernard Madoff’s Ponzi scheme from recouping more than $4 billion from customers who withdrew money before the enterprise collapsed.

The high court left in place a December 2014 ruling by the New York-based 2nd U.S. Circuit Court of Appeals, which said federal bankruptcy law did not let the trustee Irving Picard recoup a variety of payments that Bernard L. Madoff Investment Securities LLC made to some customers more than two years before the firm collapsed on Dec. 11, 2008.

(Reporting by Lawrence Hurley; Editing by Will Dunham)