Trustee Hits Citi With $430M Suit Over Madoff Deals

Law360, New York (February 22, 2011, 5:34 PM EST) -- Citibank NA owes about $430 million from its dealings with imprisoned fraudster Bernard L. Madoff, about whose Ponzi scheme the megabank knew or should have known for years, according to the liquidator of Madoff's investment company.

Trustee Irving H. Picard is seeking to recover more than $300 million from a loan Citi made to one of Madoff's feeder funds that was later repaid, as well as about $130 million Citi received in connection with a swap transaction linked to another Madoff fund, according to a complaint...
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