Madoff Trustee Sues Abu Dhabi Wealth Fund For $300M

Law360, New York (August 11, 2011, 6:25 PM EDT) -- The trustee charged with recovering funds for victims of Bernard L. Madoff's Ponzi scheme sued the Abu Dhabi Investment Authority on Thursday in New York bankruptcy court, alleging it received $300 million from a major Madoff feeder fund.

Irving H. Picard alleged that the sovereign wealth fund received the $300 million from Fairfield Sentry Ltd. in two separate transactions in 2005 and 2006. Given the due diligence the ADIA touts to investors, particularly the work of its Strategy Unit, Picard said it should have known that...
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