WASHINGTON, DC – February 20, 2015 – The United States Court of Appeals for the Second Circuit ruled today that the calculation of “net equity” under the Securities Investor Protection Act (SIPA) does not include an adjustment for interest or inflation. Once final, the decision will resolve the final impediment for Irving H. Picard – trustee for the Madoff liquidation proceeding – to distribute a substantial portion of the recovered funds awaiting Madoff victims.

Securities Investor Protection Corporation (SIPC) President and CEO Stephen P. Harbeck said: "We applaud the Court’s ruling. It is consistent with the Securities Investor Protection Act, and does the greatest good for the greatest number of investors. The ruling maximizes the SIPA protection to those victims who have not yet received a return of all of their initial cash deposits with the Madoff brokerage firm."

More information on overall recoveries to date and the ongoing Madoff liquidation can be found on the Trustee’s website at http://www.madofftrustee.com.