BNP Paribas Unit Hit With $1B Suit From Madoff Trustee

Law360, New York (November 3, 2011, 10:16 PM EDT) -- Bernard L. Madoff Investment Securities LLC bankruptcy trustee Irving Picard on Thursday fired off the latest in a blitz of adversary suits, this one seeking recovery of approximately $975.5 million he claims an affiliate of French bank BNP Paribas SA obtained through Madoff's Ponzi scheme.

According to Picard's complaint, BNP Paribas Arbitrage SNC received transfers from Madoff's Cayman Islands-based feeder fund, Harley International Ltd., throughout 2008, all of which he seeks to recover under the U.S. Bankruptcy Code.

"A portion of the Harley initial transfers was...
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