US Supreme Court Throws Out Banks' Bid To Block Bernie Madoff Victims' Law Suits - Ruling
Umer Jamshaid Published June 02, 2020 | 12:20 AM
WASHINGTON (UrduPoint News / Sputnik - 02nd June, 2020) The US Supreme Court has rejected an attempt by major banks and other financial interests to prevent victims of convicted financial swindler Bernie Madoff sue to get some of their stolen assets back, the justices announced n a ruling on Monday.
The Supreme Court rejected the petition and, as is customary in such decisions, gave no reason for its refusal to hear the case.
The justices' decision meant that they will not consider overturning a lower court's ruling that revived dozens of lawsuits filed by Irving Picard, the trustee liquidating Madoff's company, aimed at trying to recover $4 billion in assets that Madoff sent oversees.
Madoff, 80, is currently serving a 150-year sentence for his crimes, recorded as the biggest financial fraud in history for stealing estimated $64.8 billion from his customers. So far, Picard has recovered approximately $14 billion.
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