Backing for Madoff formula

A US judge has sided with a trustee’s “money-in, money-out” formula to determine claims for thousands of people swindled by Bernard Madoff, a decision likely to be appealed. Trustee Irving Picard, who is overseeing the liquidation of the now defunct Bernard L. Madoff Investment Securities, says investors’ claims should be based on how much money they put into the firm minus how much they took out over the years.