Picard Sues Private Swiss Banks Over Madoff Millions

Law360, New York (April 7, 2011, 6:11 PM EDT) -- Irving H. Picard, the trustee seeking to recover assets from the Bernard L. Madoff megafraud filed complaints Thursday in New York bankruptcy court seeking $216 million in allegedly fraudulent transfers to two private Swiss banks.

The suits, lodged against Pictet et Cie and Banque J. Safra (Suisse) SA in the U.S. Bankruptcy Court for the Southern District of New York, are the latest in his multibillion-dollar clawback effort as he seeks to repay thousands of investors duped by the now-jailed Madoff and his defunct Bernard L....
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