A group of nearly 250 financial institutions, facing attempts by the trustee of the Bernie Madoff fund to claw back allegedly ill-gotten gains, received a reprieve from the U.S. Court of Appeals for the Second Circuit on Tuesday, ahead of a petition to be heard by the U.S. Supreme Court.

The panel of Circuit Judges Dennis Jacobs, Rosemary Pooler, and Richard Wesley granted a stay of the February order issued by the same pending a writ of certiorari the litigants plan to file by early July.

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