{"id":5301,"date":"2012-06-12T00:00:00","date_gmt":"2012-06-12T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/06\/madoff_trustee_files_clawback"},"modified":"2022-04-28T12:33:02","modified_gmt":"2022-04-28T17:33:02","slug":"madoff-trustee-files-clawback","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/","title":{"rendered":"Madoff Trustee Files Clawback Lawsuits Collectively Seeking Over $1B For BLMIS Feeder Fund Transfers"},"content":{"rendered":"<p>Irving Picard, the trustee in charge of liquidating Bernard L. Madoff Investment Securities LLC, has filed nearly a dozen clawback lawsuits seeking to recover more than $1 billion from investments by \u201cfeeder\u201d funds tied to the failed financial firm. Picard has been working to recover the money of the victims of the Madoff\u2019s Ponzi scam who were collectively bilked of billions of dollars.<\/p>\n<p>Among the defendants are Swiss private banks Lombard Odier Darier Hentsch &amp; Cie and EFG Bank SA. Picard is seeking $179.4 million and $354.9 million, respectively. He is also suing ABN Amro Fund Services (Isle of Man) Nominees Ltd for $122.2 million and Banque Degroof SA, a Belgian private lender, for $108.1 million.<\/p>\n<p>Although firms and banks based abroad that allegedly obtained transfers from the funds are the primary defendants, there also were other entities and individuals named. All of the defendants are affiliated with the Fairfield Greenwich Group, which was BLMIS\u2019s biggest feeder fund operator.<\/p>\n<p>The clawback complaints were filed with the U.S. Bankruptcy Court in Manhattan right before the one-year anniversary of when the settlement between Picard and the liquidators of Fairfield Sigma Ltd., Fairfield Sentry Ltd., and Fairfield Lambda Ltd., which are three funds connected to the Fairfield Greenwich Group. was approved. According to Picard\u2019s spokesperson Amanda Remus, June 7, 2012 is the earliest date that defendants can claim that the statute of limitations \u201cexpires for subsequent transfer cases\u201d related to that settlement.<\/p>\n<p>In other Madoff-related news, the U.S. District Court for the Southern District of New York has dismissed a would-be securities class action lawsuit by investors in Madoff feeder fund Optimal Strategic U.S. Equity fund, against Banco Santander SA.<\/p>\n<p>The plaintiffs claim that an investment adviser of the feeder fund and two affiliated Banco Santander S.A. entities disregarded \u201cred flags\u201d that should have warned them that Madoff was running a Ponzi scam. They are contending that their investments are covered under US securities law protections because they are connected with Madoff\u2019s alleged New York Stock Exchange stock trades and, as a result, \u201ceconomic reality\u201d makes their purchases equal to investments in these stocks. They also believe that the defendant issued material misstatements related to the sale of shares of Optimal US.<\/p>\n<p><strong><br \/>\nMore Blog Posts:<\/strong><br \/>\n<a href=\"https:\/\/www.investorlawyers.com\/blog\/2012\/06\/leave_the_2nd_circuit_ruling_u\">Leave The 2nd Circuit Ruling Upholding Madoff Trustee\u2019s \u201cNet Equity\u201d Method for Investor Recovery Alone, Urges SEC to the US Supreme Court<\/a>, Stockbroker Fraud Blog, June 5, 2012<\/p>\n<p><a href=\"https:\/\/www.investorlawyers.com\/blog\/2012\/03\/sipc_modernization_task_force\">SIPC Modernization Task Force Recommends Increasing SIPA Protection Level for Failed Brokerage Firm\u2019s Clients from $500K to $1.3M<\/a>, Stockbroker Fraud Blog, March 10, 2012<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/#more-5301\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Irving Picard, the trustee in charge of liquidating Bernard L. Madoff Investment Securities LLC, has filed nearly a dozen clawback lawsuits seeking to recover more than $1 billion from investments by \u201cfeeder\u201d funds tied to the failed financial firm. Picard has been working to recover the money of the victims of the Madoff\u2019s Ponzi scam [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792],"tags":[],"class_list":["post-5301","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Madoff Trustee Files Clawback Lawsuits Collectively Seeking Over $1B For BLMIS Feeder Fund Transfers &#8212; Investor Lawyers Blog &#8212; June 12, 2012<\/title>\n<meta name=\"description\" content=\"Irving Picard, the trustee in charge of liquidating Bernard L. 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Madoff Investment Securities LLC, has filed nearly a dozen clawback lawsuits seeking to &#8212; June 12, 2012","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/","twitter_card":"summary_large_image","twitter_title":"Madoff Trustee Files Clawback Lawsuits Collectively Seeking Over $1B For BLMIS Feeder Fund Transfers &#8212; Investor Lawyers Blog &#8212; June 12, 2012","twitter_description":"Irving Picard, the trustee in charge of liquidating Bernard L. Madoff Investment Securities LLC, has filed nearly a dozen clawback lawsuits seeking to &#8212; June 12, 2012","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Madoff Trustee Files Clawback Lawsuits Collectively Seeking Over $1B For BLMIS Feeder Fund Transfers","datePublished":"2012-06-12T05:00:00+00:00","dateModified":"2022-04-28T17:33:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/"},"wordCount":527,"articleSection":["Ponzi Scams"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/","url":"https:\/\/www.investorlawyers.com\/blog\/madoff-trustee-files-clawback\/","name":"Madoff Trustee Files Clawback Lawsuits Collectively Seeking Over $1B For BLMIS Feeder Fund Transfers &#8212; Investor Lawyers Blog &#8212; June 12, 2012","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2012-06-12T05:00:00+00:00","dateModified":"2022-04-28T17:33:02+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Irving Picard, the trustee in charge of liquidating Bernard L. 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