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People who lost money by investing in funds that funneled their money to Bernard Madoff's Ponzi scheme are not entitled to recover for their losses, in the manner that direct victims of the massive fraud can recover, a federal appeals court ruled on Friday.The decision by the 2nd U.S. Circuit Court of Appeals in New York is a victory for Irving Picard, the trustee liquidating Bernard L Madoff Investment Securities LLC and seeking money for its former customers.Picard, a partner at Baker & Hostetler, persuaded the court that "indirect" investors who lost money in the fraud were not Madoff customers who could recover from the bankruptcy estate.Madoff, 74, is serving a 150-year prison sentence, and Picard had estimated that customers lost $17.3 billion of principal in the fraud.The appeal was brought by 17 investors who had invested in limited partnerships known as Spectrum Select. These in turn sent their money to two Rye Select hedge funds overseen by Tremont Group Holdings Inc.Tremont ...
Four U.S. Senators are calling for smartphone makers to remove apps used to locate DUI checkpoints and speed traps, calling the programs “harmful to public safety.”I...
Common Sense Institute's Paul Tyahla on the White House telling New Jersey to return federal funds allocated for a rail tunnel that was recently cancelled by Gov. Chris Christie.
Fmr. Sen. Rick Santorum, (R-PA), on the major role unions played in the midterm elections, particularly with Sen. Harry Reid’s victory.
FBN's Rich Edson on the impact of Sen. Robert Byrd's death on voting on a sweeping financial overhaul in the Senate.
Laura Crandall on helping families who have lost children to SIDS.
Madoff, Nadel, Stanford's latest
02/05/09
Madoff Targeting Jewish People
A federal appeals court signaled that victims of Bernard Madoff's fraud more than four years ago might be allowed to eventually sue the swindler's family members ove...
Rescuers searched flooded streets and swamped houses for survivors, drivers lined up for hours to get scarce gasoline and millions remained without power on Thursday...
The federal government will cover 100 percent of emergency power and public transportation costs through November 9 in eight New Jersey counties that were hit hard b...
FBN’s Gerri Willis on efforts by Senators to ban flavored cigars as a government shutdown looms?
Three U.S. senators called for the Justice Department and the Securities and Exchange Commission to investigate whether News Corp broke a U.S. law banning bribes to ...
When it comes to politicians using your tax dollars to rename public properties after themselves, have you ever asked yourself, is America turning into Uzbekistan?Wa...
The U.S. is not doing enough to protect kids from exposure to potentially dangerous chemicals, pediatricians said in a new statement released today.The policy paper ...
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