Deutsche Bailed On Madoff Debt Deal: Feeder Funds

Law360, New York (December 21, 2011, 6:25 PM EST) -- Two feeder funds of Ponzi schemer Bernard L. Madoff sued Deutsche Bank Securities Inc. on Wednesday, saying the investment bank walked away from a deal to purchase the funds' outstanding Madoff debt when it learned it could purchase other claims for less.

British Virgin Islands-based funds Kingate Global and Kingate Euro say the German bank already contracted to buy their $1.6 billion claim for $1 billion and asked U.S. District Judge Deborah A. Batts for a declaratory judgment to keep the bank from reneging on the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.