Madoff Fund, Banks Fight Over $3.1B In Clawbacks

Law360, New York (August 19, 2011, 4:04 PM EDT) -- Attorneys for Bernard L. Madoff's largest feeder fund and a host of financial institutions sparred Friday before a New York federal judge over $3.11 billion worth of clawback suits that both sides said could "turn Chapter 15 on its head."

At issue are a portion of more than 200 adversary complaints seeking about $5.8 billion that offshore feeder fund Fairfield Sentry Ltd. has brought in U.S. bankruptcy court, where the fund says they belong. But financial institutions including HSBC Holdings PLC, Citigroup Inc., BNP Paribas SA...
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