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Federal District Court Finds ERISA Plans Invested with Madoff Not Covered by Securities Investor Protection Act
The Pension Protection Act Blog 
July 30, 2012
"If you've been wondering about whether the qualified plans invested with Bernard L. Madoff Investment Securities LLC would be able to recover some of their losses through the $500,000 maximum made available by the Securities Investor Protection Act of 1970 (SIPA) to customers of failed brokerage firms, the U.S. District Court for the Southern District of New York has answered 'no' in an opinion issued on July 25, 2012.... The Court reasoning was that because assets in an ERISA-regulated plan are held and owned by the plan's trustees, and not by the participants, the participants could not pursue recovery as a 'customer' under SIPA."
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