Picard Sues Safra New York For $111M Over Madoff Funds

Law360, New York (May 9, 2011, 10:30 PM EDT) -- Irving H. Picard, the trustee overseeing the liquidation of Ponzi schemer Bernard L. Madoff's investment company, sued Safra National Bank of New York on Monday seeking $111 million in allegedly fraudulent transfers from Madoff feeder funds.

The suit, filed in New York bankruptcy court as part of the trustee's multibillion-dollar clawback effort, says that in the last six years of the scheme, Madoff's largest feeder fund, Fairfield Sentry Ltd., received $3 billion from Bernard L. Madoff Investment Securities LLC and transferred $95.8 million to Safra New...
To view the full article, register now.

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.