U.S. District Judge Denise Cote ruled that investors in feeder funds that took their money and placed it with Madoff had no legal protection for getting their money back.
This means that 10,976 investors in feeder funds — the so-called “third-party” investors — are out of luck once again, at least as far as the trustee is concerned.
via Judge to Madoff investors: Tough luck — CNN Money
