Martin Rosenman, who gave $10 million to Bernard Madoff, has lost a legal bid to recover the money, Bloomberg reports. Rosenman, the managing member of Rosenman Family, had sued Irving Picard, the trustee appointed to oversee the unwinding of Madoff’s business last year.
Rosenman had argued in the lawsuit that he should be able to recover the full amount as Madoff never obtained legal title to the funds. A U.S. district judge in Manhattan upheld a ruling by a bankruptcy court judge in February and dismissed the lawsuit.
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