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    UPDATE 3-Obama takes aim at brokers’ fees on U.S. retirement accounts

    U.S. brokers and financial advisers would face new constraints under a plan President Barack Obama put forward on Monday to reduce conflicts of interest and “hidden fees” that cost Americans billions of dollars in retirement savings every year. In proposing the rules, Obama said he sought to protect Americans from being steered into costly retirement investments that produced high commissions for brokers but low returns for investors preparing for retirement. Democrats and Republicans are trying to position themselves as champions of the middle class in the run-up to the November 2016 presidential election. Retired seniors are an important voting bloc. More on Reuters here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Appeals court decision may speed new payout to Madoff victims

    Victims of Bernard Madoff’s massive fraud are not entitled to inflation or interest adjustments on their claims, a federal appeals court ruled on Friday, in a decision that could speed the return of more than $1 billion to the swindler’s former customers. Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, said he will seek permission from a federal bankruptcy judge to distribute that sum, on top of $7.2 billion paid out so far, as soon as possible. Picard has kept the additional money in reserve because of litigation over whether former customers deserved “time-based” damages on claims arising from Madoff’s Ponzi scheme that was uncovered in 2008. More on Reuters here.

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    NIAP Update – February 20th, 2015

    A joint statement by Angela Shaw Kogutt (Stanford Victims Coalition) and Ron Stein (NIAP), and Co-Directors of the Investor Protection Alliance regarding Letter of Commitment and Support from Scott Garrett, Chairman and Carolyn Maloney

    Dear Madoff, McGinn-Smith, and Stanford Investors,

    As we approach the 6th anniversary of the Stanford and Madoff insolvencies (and 5th year of the McGinn-Smith), we want to provide you with an important update on the legislative relief we’ve jointly spearheaded in the House and the Senate since the Investor Protection Alliance kicked off in November 2013.

    Click here to read more.

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    Court: No Inflation Pay on Recovered Funds of Madoff Victims

    A federal appeals court says thousands of victims of Bernard Madoff’s multibillion-dollar fraud are not entitled to interest or inflation when they get a share of recovered funds. The Securities and Exchange Commission said publicly in 2009 and again before a bankruptcy judge that Madoff’s victims should get an inflation adjustment. On Friday, the 2nd U.S. Circuit Court of Appeals in Manhattan said that was inconsistent with the SEC’s position in other cases. More on ABC News here.

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    Mixed ruling for fraud victims

    A federal judge this week granted a request by the U.S. Securities and Exchange Commission to use the seized assets of imprisoned former Albany brokers David L. Smith and Timothy M. McGinn to repay victims in what the government said was a years-long fraud scheme. But in his decision, U.S. District Chief Judge Gary L. Sharpe rejected the SEC’s request for $124 million, saying that the agency did not adequately document that amount as the total investors lost. Sharpe criticized the SEC for its “haphazard filing” in which he said it gave inconsistent estimates for the losses of hundreds of former investors at the brokerage. In the SEC’s legal brief, which the judge said contained typographical errors, the agency put investor losses at more than $80 million, but then said the losses were “approximately $100 million.” More in the Times Union here.

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