A federal judge ruled investors in "Feeder funds", which lost money with Bernard Madoff customers now qualified fraudsters in jail not.
On Thursday, a judgment of June 2011 US confirms bankruptcy judge Burton Lifland, who supervised the liquidation of Bernard L. Madoff investment securities LLC from U.S. district judge Denise Cote in Manhattan.
It is a victory for Irving Picard, looking for money to Madoff former customers Court trustee ordered.
Picard had rejected but company argument customers who indirectly invested with Madoff feeder funds do not have accounts with Madoff.
Cote said that the allocation of fund investors knew they were "Owned shares" the funds buy, and no ownership interest in fund assets that were channeled to Madoff.
Also accept that the feeder Fund conspiracy said Madoff Ponzi scheme ahead, which "simply protects law not all cases of alleged dishonesty and fraud", France.
Copyright 2012 Thomson Reuters.
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