Bank Austria loses Madoff fund case in Vienna
VIENNA Feb 8 (Reuters) - An Austrian court has ruled against Bank Austria in a case brought by an investor over a fund linked to Bernard Madoff, the U.S. financier convicted of fraud.
Format magazine said on Friday the unnamed investor had sought more than 60,000 euros ($80,300) for losses from investing in Herald Fund SPC, which was represented in Austria by Bank Austria, a unit of Italian lender UniCredit.
Format said the Commercial Court in Vienna found the fund's prospectus - which Bank Austria was responsible for checking - was incomplete because it did not make clear that Madoff was both manager and custodian of fund assets.
A court spokesman confirmed the ruling.
In response to an email enquiry, a bank spokesman said: "Bank Austria will lodge an appeal against the verdict in the Herald Fund case." He declined further comment.
Bank Austria has vowed to contest a series of lawsuits over the Madoff case.
A U.S. federal judge last year dismissed racketeering claims against UniCredit and Bank Austria, dealing the Italian bank a victory and the U.S. trustee representing victims of Madoff's Ponzi scheme a major setback in his quest for compensation for the victims.
- Islamic State video claims to show beheading of U.S. journalist |
- Gaza war rages on, Hamas says Israel tried to kill its military chief |
- Four beheaded corpses found in Egypt's Sinai: security sources
- Father of Texas 'affluenza' teen arrested for impersonating police officer
- U.S. attorney general visits racially charged St. Louis suburb