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New Madoff lawsuits seek $40bn

Brooke Masters and Kara Scannell
Financial Times [1]
Dec 13, 2010

The trustee charged with recovering money for victims of Bernard Madoff has filed nearly 60 lawsuits seeking more than $40bn from dozens of banks, hedge funds and individuals in the past three weeks.

The flood of litigation came as Irving Picard hit a deadline for seeking compensation on Saturday, the second anniversary of Mr Madoff’s 2008 arrest. The lawsuits represent the product of more than 1,100 subpoenas and two years of investigation by Mr Picard’s law firm.

They allege that some of the biggest US and European financial institutions including HSBC, JPMorgan, UBS and Citigroup, either failed to spot Mr Madoff’s decades-long Ponzi scheme or enabled it.

The biggest lawsuit, against UniCredit and long-time Madoff associate Sonja Kohn, accuses them of participating in an “illegal scheme” to send money to Mr Madoff.

Full article here [1]

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