ABN Says Picard's Got The Wrong Bank

Dec 15 2010 | 10:08am ET

You can partially cross ABN Amro off the list of banks targeted by the court-appointed receiver in the Bernard Madoff case.

The Dutch banking giant was among seven banks sued for more than $1 billion by Irving Picard on Thursday. But ABN Amro says that the complaint actually targets a pair of businesses it sold to the Royal Bank of Scotland Group.

"It has become clear" that Picard's US$270 claim against ABN is actually against RBS, the bank said. RBS, for its part, said it "will vigorously defend" against Picard's lawsuit.

ABN Amro was forced to sell the units after it was nationalized by the Dutch government during the banking crisis.

The bank, however, is not exactly out of Picard's sites, thanks to an acquisition of its own. The Madoff receiver is still seeking US$230 million from Prime Fund Solutions, the prime brokerage unit it acquired when it merged with the similarly-nationalized Fortis Bank Nederland.

ABN is in the process of selling PFS to Credit Suisse. But last month ABN said the deal will not close until next year; it had been expected to go through by the end of this year.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.