Madoff liquidator seeks $375 mn from Credit Suisse

14th December 2011, Comments 0 comments

The liquidator of the Madoff pyramid scheme case is seeking $375 million from Credit Suisse to be used to repay investors duped of billions of dollars in the scandal.

Liquidator Irving Picard filed suit against the Swiss bank Monday in a New York court, saying that the money had been transferred to Credit Suisse by "feeder" funds that were arms of Bernard L. Madoff Investment Securities.

Madoff Investment Securities was the fund management business that collapsed in December 2008 after being exposed as a massive Ponzi-type scheme that lost tens of billions of clients' money despite reporting steady profits for years.

© 2011 AFP

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