Picard is also a partner at Baker & Hostetler.
The decision upheld rulings by U.S. District Judge Paul Engelmayer and U.S. Bankruptcy Judge Stuart Bernstein.
Picard has recouped $11.6 billion for Madoff victims, two-thirds of the roughly $17.5 billion of principal he has estimated they lost.
A fund set up in November 2013 by the U.S. Department of Justice to distribute another $4 billion, overseen by former U.S. Securities and Exchange Commission Chairman Richard Breeden, has yet to begin payouts.
This article was provided by Reuters.