Monday, 23 January 2017
Last updated 2 days ago
Sep 2 2011 | 11:11am ET
The trustee in the Bernard Madoff Ponzi scheme has sued six financial services companies, seeking more than $200 million over transfers made to Madoff feeder fund Fairfield Greenwich Group.
Irving Picard filed suit against Barclays, Sumitomo Mitsui Trust Holdings, Korea Exchange Bank, Cathay Life Insurance co., Banque Privee Espirito Santo and Banca Carige. The six firms all transferred customer property to Fairfield's Fairfield Sentry Fund, one of the largest feeder funds to Madoff's $65 billion scam.
Picard wants Barclays to pony up $67.4 million. Tokyo-based Sumitomo could be on the hook for $54.3 million, KEB for $33.6 million, Taipei, Taiwan-based Cathay for $41.7 million, Lausanne, Switzerland-based BPES for $11.4 million and Italy's Banca Carige for $10.5 million.