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...
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