Madoff Feeder Fund Sues Lion Capital To Recoup $50M

Law360, New York (June 29, 2011, 8:41 PM ET) -- Bankrupt Fairfield Sentry Ltd. — once the largest feeder fund to Bernard Madoff's securities firm — filed suit Tuesday in New York against Lion Capital Management Ltd. to recover $50.5 million in distributions related to Madoff’s massive Ponzi scheme.

Fairfield, which has been ordered to return $3 billion to the victims of Madoff’s fraud, launched an adversary proceeding against Lion Capital, which does business as Lion Global Investors, to recoup the millions of dollars the Singapore-based asset management company received when it redeemed its shares in...
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