Sagor v. Picard (In the Matter of Madoff)
- Summarized by Wayne Greenwald , Jacobs, PC, Greenwald, P.C.
- 6 years 12 hours ago
- Case Type:
- Business
- Case Status:
- Affirmed
- Citation:
- --- Fed.Appx. ---- 2017 WL 2376567 (2nd Circuit, Jun 01,2017) Not Published
- Tag(s):
-
- Ruling:
- Affirmed District and Bankruptcy Court determinations that the method for determining creditors’ claims for distributions from the Bernard L. Madoff Investment Securities, LLC was the Inter-Account Method, applying the In re Bernard L. Madoff Inv. Sec. LLC, 654 F.3d 229, 234 (2d Cir. 2011) .Net Investment Method, This method credits the transfer as cash in to the transferee account to the extent that, the transferror account had cash deposits exceeding withdrawals in it. This method was superior s because it did not rely on fictitious statements provided by the Ponzi scheme to its victims
- Procedural context:
- Appeal from District Court affirming Bankruptcy Court determination of means for computing clams
- Facts:
- Ponzi scheme creditors took issue with Bankruptcy Court's method for computing their claims against Ponzi fund.
- Judge(s):
- Rosemary S. Pooler, Peter W. Hall, Susan L. Carney
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