United States Second Circuit

In this case, Claimant-appellants are former investors of Bernard L. Madoff Investment Securities LLC (BLMIS), and they request that the Trustee for the liquidation of BLMIS adjust their proportional share of customer property to reflect inflation over Madoff's three decades of fraud. One Claimant also asks for an interest adjustment to reflect the time-value of money. The order of the bankruptcy court approving the Trustee's unadjusted net equity calculation and overruling Claimants' objections is affirmed, where the Securities Investor Protection Act does not permit an inflation or interest adjustment to net equity claims for customer property.

Appellate Information

• Decided 02/20/2015
• Published 02/20/2015

Judges

• Straub

Court

• United States Second Circuit

Counsel