The trustee recovering money for victims of Bernard Madoff’s epic fraud asked the U.S. Supreme Court Tuesday to overturn a court ruling he says may prevent the recovery of nearly $4 billion, reward those who unwittingly profited from the Ponzi scheme at the expense of those who did not, and have far-reaching effects for future victims of financial frauds.
Lawyers for trustee Irving Picard asked the high court to look at the December ruling by the U.S. Court of Appeals for the Second Circuit, In re Bernard L. Madoff Investment Securities, 773 Fd 411, saying the case raises novel questions for the Supreme Court and threatens a century’s worth of law that steered how courts respond to the legal aftermath of Ponzi schemes.
