IN RE BERNARD L. MADOFF INVESTMENT SECURITIES LLC

Nos. 14-97-bk(L), 14-509-bk(con), 14-510-bk(con), 14-511-bk(con), 14-512-bk(con).

779 F.3d 74 (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.

United States Court of Appeals, Second Circuit.

Decided: February 20, 2015.


Attorney(s) appearing for the Case

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 Investment Securities LLC and the Estate of Bernard L. Madoff.

Before: STRAUB, WESLEY, and LIVINGSTON, Circuit Judges.


The issue presented in this appeal is whether the Securities Investor Protection Act, 15 U.S.C. § 78aaa, et seq. ("SIPA" or "the Act"), permits an inflation or interest adjustment to "net equity" claims for customer property. We hold that it does not.

Claimants-Appellants ("Claimants") are former investors...

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