Trustee, Madoff Investors Spar Over Payout Calculation
February 3rd, 2010
The attorney for the trustee recovering Bernard Madoff’s assets argued before a packed courtroom Tuesday that “no one in their right mind” would use financial statements concocted by Madoff as a basis for distributing the funds. David Sheehan urged the judge to accept trustee Irving Picard’s approach, under which investors who withdrew less cash from their accounts than they deposited would share in what Picard recovers, now about $1.5 billion, while investors who withdrew funds exceeding what they invested would get nothing.
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Trustee, Madoff Investors Spar Over Payout Calculation