Funds Took $255M Before Madoff Collapse: Trustee

Law360, New York (April 21, 2009, 12:00 AM EDT) -- The trustee overseeing the liquidation of Bernard L. Madoff's investment firm has sued two investment funds that allegedly withdrew $255 million less than three months before the firm collapsed and went into bankruptcy.

Trustee Irving H. Picard filed an adversary proceeding against British Virgin Islands funds Kingate Global Fund Ltd. and Kingate Euro Fund Ltd. on Friday in the U.S. Bankruptcy Court for the Southern District of New York.

The Bank of Bermuda was also listed as a defendant, but it “simply acted as a cash...
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