Two former clients of Bernard Madoff urged an appeals court to revive their claims against the estate of a Florida businessman who had been one of the money manager’s biggest clients, in a battle with a trustee over recoveries from the Ponzi scheme. The case before the 2nd U.S. Circuit Court of Appeals in Manhattan centered on the authority of trustee Irving Picard, who is liquidating Madoff’s firm, to reach settlements that let victims recover some of their money. At a hearing on Thursday, lawyers for Adele Fox and Susan Marshall asked the 2nd Circuit to undo an injunction that blocked them from going ahead with their own claims against the estate of Jeffry Picower. The trustee’s $7.2 billion settlement with Picower’s estate in 2010 is the largest for victims of Madoff’s fraud. Read more in the Chicago Tribune here.
