A U.S. appeals court on Tuesday upheld a method developed by the trustee liquidating Bernard Madoff’s firm for determining how to calculate investor losses, handing a defeat to so-called “net winners.” The trustee, Irving Picard, has argued that investor losses should be the amount deposited into the Madoff firm less any withdrawals, rather than the amount shown on their account statements.
Read more: Madoff trustee’s loss calculation method upheld — Reuters
