Madoff Feeder Fairfield Sues RBC To Recover $11M

Law360, New York (June 15, 2011, 6:55 PM EDT) -- Bankrupt Fairfield Sentry Ltd. — once Bernard L. Madoff's largest feeder fund — filed suit Tuesday in New York against Royal Bank of Canada in an effort to recover roughly $11 million in distributions related to the massive Ponzi scheme.

Under the gun to return $3 billion to Madoff’s victims, Fairfield launched the adversary proceeding against RBC to obtain the millions of dollars the bank received when it redeemed shares in the fund. Any payments RBC received ultimately came from other investors in Bernard L. Madoff...
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