Madoff investors challenge payback formula in NYC
NEW YORK -- Dozens of people who recouped more than their investments in imprisoned financier Bernard Madoff's business have asked a federal court in New York City to force a trustee to include fictitious profits when considering how victims get paid back.
They're challenging a federal bankruptcy judge's March ruling that investors are owed only the money they invested with Madoff's firm and not the $65 billion reflected on fictitious statements.
Their request was filed late Monday with the federal appeals court in Manhattan. Their court papers say those who were paid back more than they invested could now face lawsuits seeking to claim their assets.
Madoff is serving a 150-year sentence after admitting his multi-decade fraud.
new york city, bernie madoff, local news
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