Madoff Hits Banks, Funds With $45M Clawback Claims

Law360, New York (August 26, 2011, 4:12 PM EDT) -- The trustee recovering funds for Bernard Madoff’s Ponzi victims filed a salvo of clawback suits Thursday in New York bankruptcy court, including cases against National Bank of Kuwait SAK and an Italian investment fund over $45 million they received from the scheme.

Trustee Irving Picard claims that National Bank of Kuwait and Unifortune Asset Management SGR SPA pocketed $18.7 million and $26.7 million, respectively, from Fairfield Sentry Ltd., a major feeder fund for Madoff‘s $65 billion Ponzi scheme.

Fairfield transferred tens of millions of dollars of...
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.