Madoff Trustee's Court Win May Target $2 Billion for Victims
(Bloomberg) -- 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.
The lower court had ruled that U.S. law didn’t apply to the overseas transfers. The appeals court said otherwise, noting that offshore investors, which included a company owned by the billionaire brothers Charles and David Koch, shouldn’t be “surprised” that the disputed transfers are subject to American rules.
“When these investors chose to buy into feeder funds that placed all or substantially all of their assets with Madoff Securities, they knew where their money was going,” a three-judge panel said.
https://www.msn.com/en-us/money/markets/madoff-trustees-court-win-may-target-dollar2-billion-for-victims/ar-BBU43LL?li=BBnb7Kz
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