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In re Bernard L. Madoff Inv. Sec. LLC

United States Court of Appeals, Second Circuit

February 20, 2015

IN RE: BERNARD L. MADOFF INVESTMENT SECURITIES LLC; SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff-Appellee,
v.
2427 PARENT CORPORATION ET AL., ESTATE OF DORIS M. PEARLMAN (IRA), HAROLD J. HEIN ET AL., LILLIAN BERMAN GOLDFARB ET AL., MBE PREFERRED LIMITED PARTNERSHIP ET AL., HHI INVESTMENT TRUST #2, MELVYN I. WEISS AND BARBARA J. WEISS ET AL., MICHAEL MOST, THE KOSTIN CO., MARSHA PESHKIN ET AL., Claimants-Appellants, IRVING H. PICARD, Trustee-Appellee

Argued October 14, 2014

Page 75

Appeal from the United States Bankruptcy Court for the Southern District of New York. No. 08-1789 -- Burton R. Lifland, Judge.

Appeal from an order of the United States Bankruptcy Court for the Southern District of New York (Burton R. Lifland, Judge), approving the calculation of " net equity" claims under the Securities Investor Protection Act without an adjustment for inflation or interest and overruling claimant objections. We hold that the Securities Investor Protection Act does not permit an inflation or interest adjustment to " net equity" claims for customer property. Accordingly, we AFFIRM.

P. GREGORY SCHWED, (Walter H. Curchack, Daniel B. Besikof, Michael Barnett, on the brief), Loeb & Loeb LLP, New York, NY, for Claimants-Appellants MBE Preferred Limited Partnership et al.

RICHARD A. KIRBY, (Laura K. Clinton, Scott P. Lindsay, on the brief), K& L Gates LLP, Washington, DC, for Claimant-Appellant Estate of Doris M. Pearlman (IRA).

PAULA J. WARMUTH, Stim & Warmuth, P.C., Farmingville, NY, for Claimant-Appellant Michael Most.

Matthew Gluck, Matthew A. Kupillas, Jennifer Young, Milberg LLP, New York, NY, Parvin Aminolroaya, Seeger Weiss LLP, New York, NY, for Claimants-Appellants 2427 Parent Corporation et al.

Parvin Aminolroaya, Seeger Weiss LLP, New York, NY, for Claimants-Appellants Melvyn I. Weiss and Barbara J. Weiss et al.

Carole Neville, Dentons U.S. LLP, New York, NY, for Claimants-Appellants Harold J. Hein et al.

Philip Bentley, Elise S. Frejka, Kramer Levin Naftalis & Frankel LLP, New York, NY, for Claimants-Appellants Lillian Berman Goldfarb et al.

Marcy Ressler Harris, Jennifer M. Opheim, Mark D. Richardson, Schulte Roth & Zabel LLP, New York, NY, for Claimant-Appellant HHI Investment Trust #2.

Bernard J. Garbutt III, Morgan, Lewis & Bockius LLP, New York, NY, for Claimant-Appellant The Kostin Co.

Helen Davis Chaitman, Peter W. Smith, Julie Gorchkova, Becker & Poliakoff, LLP, New York, NY, for Claimants-Appellants Marsha Peshkin et al.

JOSEPHINE WANG, General Counsel, (Kevin H. Bell, Senior Associate General Counsel for Dispute Resolution, Christopher H. Larosa, Senior Associate General Counsel - Litigation, Lauren T. Attard, Assistant General Counsel, on the brief), Securities Investor Protection Corporation, Washington, DC, for Plaintiff-Appellee Securities Investor Protection Corporation.

SEANNA R. BROWN, (David J. Sheehan, Jorian L. Rose, Amy Elizabeth Vanderwal, on the brief), Baker & Hostetler LLP, New York, NY, for Plaintiff-Appellee Irving H. Picard, as Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff ...


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