Deutsche Bank Denies $1.6B Deal To Buy Madoff Debt

Law360, New York (January 12, 2012, 5:37 PM EST) -- Deutsche Bank Securities Inc. on Wednesday fired back at two Bernard L. Madoff Investment Securities LLC feeder funds, saying it had never signed a binding agreement to buy $1.6 billion of the funds' outstanding Madoff debt.

In an answer to a complaint filed New York federal court, DBSI said an Aug. 24 confirmation letter it gave to British Virgin Islands-based funds Kingate Global and Kingate Euro to buy their Madoff claims did not bind the investment bank to the deal.

"The Kingate funds' position runs counter...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Kingate Global Fund Ltd. et al v. Deutsche Bank Securities Inc.


Case Number

1:11-cv-09364

Court

New York Southern

Nature of Suit

Contract: Other

Judge

Deborah A. Batts

Date Filed

December 21, 2011

Law Firms

Companies

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.