Madoff trustee asks high court to review decision blocking lawsuits

Irving Picard, the trustee tasked with recovering money for victims of Bernard Madoff's Ponzi scheme, wants the Supreme Court to review a lower court's decision. The lower court determined that Picard lacked legal standing to recover money from various financial institutions that he contends allowed the fraud to proceed. Picard's appeal argues that Madoff's scheme "could not have persisted for so long, or defrauded so many of so much, without a network of financial institutions, feeder funds, and individuals who participated in his fraud or acquiesced in it -- just like any large-scale financial fraud."

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