Madoff victims can file insurance claims only for actual losses: appeals court

NEW YORK, Dec 11 (Reuters) – Members of a family that invested in Bernard Madoff’s multibillion-dollar Ponzi scheme can only file insurance claims for the actual losses they suffered, not the losses shown on Madoff’s fraudulent account statements, a New York state appeals court ruled Tuesday. Jacobson Family Investments and a number of related corporate entities sued the insurers in 2010 after Madoff’s scheme collapsed, seeking to collect up to $50 million in coverage from a primary policy from National Union Fire Insurance Company and from excess coverage policies from several other insurers. More on Reuters here.