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...
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