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...
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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

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