Appeals court decision may speed new payout to Madoff victims

Victims of Bernard Madoff’s massive fraud are not entitled to inflation or interest adjustments on their claims, a federal appeals court ruled on Friday, in a decision that could speed the return of more than $1 billion to the swindler’s former customers. Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, said he will seek permission from a federal bankruptcy judge to distribute that sum, on top of $7.2 billion paid out so far, as soon as possible. Picard has kept the additional money in reserve because of litigation over whether former customers deserved “time-based” damages on claims arising from Madoff’s Ponzi scheme that was uncovered in 2008. More on Reuters here.