Claims against Bernard L. Madoff Investment Securities LLC fell by at least 17 percent in value after U.S. District Judge Jed Rakoff ruled that the firm’s trustee can only try to recover money customers took out in the last two years of the con man’s swindle. Irving Picard, the trustee hired for the recovery, has filed more than 1,000 suits seeking about $100 billion, including suits for fictitious profits over the last six years of Madoff’s operation, for principal from investors who allegedly had reason to suspect Madoff was a fraud, for money that flowed through feeder funds and overseas banks, and for “preferences,” sums that Madoff paid in the 90 days before bankruptcy. Read more on Bloomberg here.
