A group of more than 100 investors who had money invested with Bernard Madoff’s firm have filed an appeal with the US Second Circuit Court of Appeals to overturn a March decision by a US Bankruptcy judge who had ruled they were not entitled to a recovery. The investors, called net-winners, maintain they are entitled to recover funds despite withdrawing more than they invested, according to a report in the Wall Street Journal. 

In court briefs the investors said they are entitled to recoveries under the Securities Investor Protection Act, even if securities were never purchased by Madoff's firm. The bankruptcy judge’s ruling upheld the view of court-appointed trustee Irving Picard who believes they aren't entitled to a recovery.

Fred Wilpon, owner of the New York Mets, and his real-estate investment firm, Sterling Equities Associates, has also filed separate briefs disputing Picard's method for calculating who should be able to seek recoveries from the Madoff estate, said the publication.

The publication also reports that Picard is preparing lawsuits against individual investors who withdrew more from Madoff's firm than the principal they had invested.