Madoff Feeder Sues Abu Dhabi Fund For $300M

Law360, New York (April 4, 2011, 9:11 PM EDT) -- Fairfield Sentry Ltd., the largest feeder fund implicated in Bernard L. Madoff’s Ponzi scheme, lodged a suit in New York on Monday seeking to claw back $300 million in redemption payments made during the fraud to Abu Dhabi’s state-owned investment fund.

The money used to redeem Abu Dhabi Investment Authority’s shares in Sentry were — unbeknownst to Sentry — the misappropriated assets of other Madoff investors, and must be recovered in order for the feeder fund to satisfy its own liabilities stemming from the Ponzi scheme,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.