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Supreme Court deals blow to trustee of bankrupt Madoff firm

Bernard Madoff walks down Lexington Ave to his apartment in this December 17, 2008 photo in New YorkThe US Supreme Court on Monday let stand a lower court ruling that could prevent victims of disgraced financier Bernard Madoff’s fraudulent investment scheme from recovering funds from clients who profited from the now defunct company. Madoff masterminded a massive, long-running Ponzi scheme which unraveled in 2008 as the global financial crisis gathered speed. The liquidator of Madoff’s business, trustee Irving Picard — along with the Securities Investor Protection Corporation, a federally chartered nonprofit — took legal action to recover more than four billion dollars in profits for victims who had lost billions.

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