A FINRA arbitration panel has awarded a set of investors $1.76 million plus interest for their claim that their investments in a feeder fund to Bernard L. Madoff Investment Services and other funds went awry.

The claim was first filed in March by claimants Andrew and Blenda Wright and the Wright Family Living Trust. Respondents named in the case include Lincoln Financial Advisors Corp., a Fort Wayne, Ind.-based broker dealer, and John Marshall and Rollance Verkennis. Lawyers for both parties were not immediately available for comment.

The claim is tied to investments the claimants made in a slew of institutions and funds, notably the Rye Select Broad Market Fund, a feeder fund for a fund managed by Madoff’s firm. Other investments named in the claim include: Kinetics Advisers Institutional Partners, Johnston Asset Management International Equity Fund, Mount Yale Large Cap Growth Fund, Mount Yale Large Cap Value Qualified Fund, Mount Yale Mid Cap Growth Qualified Fund and Mount Yale Small Cap Qualified Fund.

In the case, the claimants allege negligent misrepresentation, fraud and intentional misrepresentation, failure to supervise, breach of fiduciary duty, unsuitable and unauthorized transactions, elder abuse and breach of contract. They sought $1.5 million in compensatory damages plus unspecified reimbursement and interest for other costs.

The FINRA panel did not provide more details about the case and decision, which was made on April 27. The panel did order the respondents to pay the claimants $1.17 million for compensatory damages, plus 10% annual interest from the date of the award until it is paid. Lincoln Financial has also been ordered to pay an additional $590,000 in compensatory damages, also with 10% annual interest from the award date until payment. Lincoln Financial will also pay $600 for the non-refundable portion of the initial filing fee. All other relief, including attorney’s fees and punitive damages, was denied.

In addition to the award, Lincoln Financial will also pay $22,800 in hearing session fees and $8,550 in member fees.

The FINRA arbitration process has seen other Madoff-tied cases. Most recently, a FINRA arbitration panel ordered former broker Robert M. Jaffe, who sold Madoff investments, to pay $1.1 million in compensatory damages to Turbo Investors LLC in March.