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Second Circuit: Madoff Ponzi scheme customers did not receive fictitious profit payments "for value"

Introduction
In the latest chapter of more than a decade of litigation involving efforts to recover fictitious profits paid to certain customers of Bernard Madoff s defunct brokerage firm as part of the largest Ponzi scheme in history, the U.S. Court of Appeals for the Second Circuit held in
In re Bernard L. Madoff Investment Securities LLC, 976 F.3d 184 (2d Cir. 2020) (
Madoff ), that the customers did not have a defense to avoidance and recovery because they received the payments for value. The Second Circuit also ruled that the trustee overseeing the brokerage firm s liquidation properly determined the amount subject to recovery despite calculating the defendants liability by netting the amounts they received against what they invested since the firm s inception. ....

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Second Circuit: Madoff Ponzi Scheme Customers Did Not Receive Fictitious Profit Payments

Second Circuit: Madoff Ponzi Scheme Customers Did Not Receive Fictitious Profit Payments
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Second Circuit: Madoff Ponzi Scheme Customers Did Not Receive Fictitious Profit Payments "For Value" | Jones Day

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In the latest chapter of more than a decade of litigation involving efforts to recover fictitious profits paid to certain customers of Bernard Madoff s defunct brokerage firm as part of the largest Ponzi scheme in history, the U.S. Court of Appeals for the Second Circuit held in
In re Bernard L. Madoff Investment Securities LLC, 976 F.3d 184 (2d Cir. 2020) (
Madoff ), that the customers did not have a defense to avoidance and recovery because they received the payments for value. The Second Circuit also ruled that the trustee overseeing the brokerage firm s liquidation properly determined the amount subject to recovery despite calculating the defendants liability by netting the amounts they received against what they invested since the firm s inception. ....

New York , United States , Bernard Madoff , Bernardl Madoff , Robertd Sack , Securities Investor Protection Corporation , Us Court , Us District Court , Supreme Court , Us Supreme Court , Ida Fishman Revocable , Bayou No Leverage Fund , High School Endowment , Bayou Group , Securities Inc , Bernardl Madoff Investment Securities , Jones Day , Second Circuit , Investment Securities , Faith Defense , Bankruptcy Code , Securities Investor Protection Act , Southern District , Madoff Defendants , New York Uniform Commercial Code , Madoff Defendant ,