New York - A New York bankruptcy judge has rejected a legal challenge by Bernard Madoff’s victims over how they should be compensated.
The investors in Mr. 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 trustee Irving Picard, who is overseeing the liquidation of Mr. 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 Mr. Madoff was sentenced last year to 150 years in prison for orchestrating an epic Ponzi scheme that wiped out life savings and entire charities.
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