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.

The SEC declined to comment on the ruling.

Madoff was sentenced to 150 years in prison in North Carolina for his Ponzi scheme.

Investors lost about $20 billion over several decades as Madoff distributed statements saying the money entrusted to him by several thousand customers had more than tripled in value.