Chief Judge Dennis Jacobs of the U.S. Court of Appeals for the Second Circuit, joined by Judges Pierre N. Leval and Reena Raggi, upheld the method used by Irving H. Picard of Baker & Hostetler, the trustee charged with unwinding Mr. Madoff's scheme to calculate payouts to investors. Mr. Picard has been paying investors based on their net losses, and has pursued clawback actions seeking to recover profits from net winners, like New York Mets owner Fred Wilpon.
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Circuit Sides With Madoff Trustee Over 'Net Winners' in Ponzi Scam
New York Law Journal
August 17, 2011
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