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...
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Case Information

Case Title

Irving H. Picard v. Sonja Kohn et al

Case Number



New York Southern

Nature of Suit

Bankruptcy Appeal (801)


Jed S. Rakoff

Date Filed

February 21, 2011

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