A family that invested in Bernard Madoff's Ponzi scheme through multiple entities can recover some of its losses under insurance policies, a First Department panel ruled yesterday, but the recovery will be based on the difference between what each entity put into the scheme and what it got out, not the losses recorded in Madoff's fraudulent statements.
Madoff Investors Entitled Only to Recovery of Real Losses, Panel Says
New York Law Journal
December 12, 2012
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