The U.S. asked a federal appeals court to affirm a $7.2 billion forfeiture by the Jeffry Picower estate, to be used to compensate investors who lost money in Bernard Madoff’s Ponzi scheme. A challenge by Adele Fox was “frivolous,” and it wouldn’t serve justice to let her intervene in a deal that “in no way impairs Fox’s rights,” the U.S. said in a court filing in New York. Fox, a former Madoff investor, sought to overturn the settlement because it gave Madoff trustee Irving Picard priority in dealing with the Picower estate, and barred her from suing the estate herself. More in the Sun Sentinel here.
