Tags: US | Madoff | Scandal

Payback Formula for Bernard Madoff Victims Upheld

Monday, 01 Mar 2010 03:50 PM

A New York bankruptcy judge has rejected a legal challenge by Bernard Madoff's victims over how they should be compensated.

The investors in Madoff's firm had argued that they are owed $64.8 billion reflected on fictitious account statements.

Judge Burton Lifland on Monday upheld a formula being used by a trustee overseeing the liquidation of Madoff's assets.

The trustee has said claims should be based on how much money the victims actually invested, minus what they withdrew.

The 71-year-old Madoff was sentenced last year to 150 years in prison for orchestrating an epic Ponzi scheme that wiped out life savings and entire charities.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
US
A New York bankruptcy judge has rejected a legal challenge by Bernard Madoff's victims over how they should be compensated.The investors in Madoff's firm had argued that they are owed $64.8 billion reflected on fictitious account statements.Judge Burton Lifland on Monday...
US,Madoff,Scandal
103
2010-50-01
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved