Madoff’s victims will finally get their day in court Feb. 2.
The victims have been fighting with Irving Picard, the bankruptcy trustee, about the right way to determine their losses. Now a judge will decide.
The victims say their losses should be measured by the fictitious amount they thought they had in their accounts when the Ponzi scheme collapsed.
Irving Picard thinks the losses should be the amount they put in less the amount they took out.
Sorry, Madoff victims, but this just isn’t a hard one. Claiming that you should get money that you never had and didn’t actually lose is just absurd.
We have to note that only a handful of the victims are taking issue with Picard’s point of view, however.
Read the entire order. Order Scheduling Hearing of Net Equity Issue in Madoff Case
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