Madoff Bankruptcy Deal Is Upheld as Picard Recovers $13 Billion

A federal judge upheld the bankruptcy resolution of Bernard Madoff’s Ponzi scheme, dismissing a legal challenge by victims who contested assumptions made by trustee Irving Picard in calculating amounts to distribute.

• Decision issued Monday by U.S. District Judge Paul A. Engelmayer in Manhattan affirms methodology and ruling of bankruptcy court
• Picard has recovered more than $13 billion for thousands of victims who invested directly with Madoff; all told, investors lost $20 billion in scam
• Read More: Madoff Trustee Strikes $860 Million Deal With Kingate Funds
• Madoff, 81, petitioned the Justice Department last month to reduce his 150-year sentence
• The case ...