Tag Archives: Southern District of New York

Did you miss him? Irving Picard, the Trustee liquidating Bernard L. Madoff Investment Securities LLC, was back in the news recently. U.S. Bankruptcy Judge Burton Lifland of the Southern District of New York concluded that “time-based” damages to victims of the massive Ponzi scheme should not be awarded. The ruling means that Madoff victims who still stand to recover from the liquidation will not have their distributions adjusted for interest or inflation. In anticipation of the decision, Picard held approximately $1.36 billion in reserve that can now be distributed more quickly, albeit at his desired “discount.” Although Picard has already […]