Monday, 22 December 2014
Last updated 1 hour ago
Aug 24 2009 | 11:30am ET
Irving Picard, the court-appointed trustee in the Bernard Madoff fraud case, took his battle to recoup money for Madoff’s victims back to court last week.
Picard is seeking default notices against a pair of offshore hedge funds. He told the U.S. Bankruptcy Court in Manhattan that the Primeo Fund, based in the Cayman Islands, and the Alpha Prime Fund, based in Bermuda, had failed to respond to his lawsuits. Picard is seeking some $230.7 million from the two funds.
Ignoring Picard’s clawback lawsuits is becoming something of an epidemic of late. Two other Madoff feeder funds, Harley International and Vizcaya Partners, have also failed to respond to his lawsuit, the trustee said last month. Picard is seeking $1.07 billion from Harley and $150 million from Vizcaya.
The lawsuits, which seek to recoup the money both funds withdrew prior to Madoff’s arrest in December, also name HSBC Holdings, which served as custodian for both Alpha Prime and Primeo. Picard is not seeking a default notice against the British bank.
Madoff pleaded guilty in March to running a $65 billion Ponzi scheme, and was sentenced to 150 years in prison.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.