Picard's $59B Racketeering Claims Against UniCredit Axed

Law360, New York (February 21, 2012, 9:32 PM EST) -- A New York federal judge on Tuesday tossed racketeering claims against UniCredit SpA and an affiliate in a $59 billion suit lodged by Bernard L. Madoff's bankruptcy trustee, ruling that they had been insufficiently pled.

U.S. District Judge Jed S. Rakoff said Irving H. Picard's allegations that UniCredit SpA and affiliate UniCredit Bank Austria AG helped Austrian banker Sonja Kohn funnel investors' money into Madoff's Ponzi scheme couldn't sustain claims under the Racketeer Influenced and Corrupt Organizations Act.

Kohn, a Viennese banker, steered European investors to...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Irving H. Picard v. Sonja Kohn et al


Case Number

1:11-cv-01181

Court

New York Southern

Nature of Suit

Bankruptcy Appeal (801)

Judge

Jed S. Rakoff

Date Filed

February 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.