Madoff Feeder Fund Sues Lion Capital To Recoup $50M

Law360, New York (June 29, 2011, 8:41 PM EDT) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.