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.https://leagle.com/images/logo.png
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.
STRAUB, Circuit Judge:
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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