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Thursday
Mar032011

Madoff Trustee Faces Big Test in Recovering Victims' Money

Photo Courtesy - Mario Tama/Getty Images(NEW YORK) -- A big test comes Thursday for the trustee trying to recover money for victims of Bernie Madoff's ponzi scheme.

At issue is the system for reimbursing victims of Madoff's fraud.  It involves taking money from those who gained and using it to repay those who lost.

The formula will go before the U.S. Court of Appeals for the Second Circuit in New York.

Investors who came out ahead, including the owners of the New York Mets, argue the formula is unfair and will lead to costly lawsuits.  The trustee says it's the only way to make victims whole.

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