Banque Syz Hit With $73M Madoff Clawback Suit

Law360, New York (May 23, 2011, 2:24 PM EDT) -- The trustee overseeing the liquidation of Bernard L. Madoff's investment advisory firm filed suit Friday in New York against Banque Syz & Co. SA seeking more than $73 million the Swiss asset manager allegedly received from the colossal Ponzi scheme.

Banque Syz channeled investor money through various feeder funds to Bernard L. Madoff Investment Securities LLC and subsequently received tens of millions of dollars in Ponzi payouts that belong to Madoff’s victims, according to the complaint.

In June 2009, Madoff received a 150 year prison sentence...
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