Dec 11 The trustee seeking to recoup money from
Bernard Madoff's Ponzi scheme is suing hundreds of individuals,
banks and funds around the world that he asserts benefited
improperly from the epic fraud.
Cases filed by court-appointed trustee Irving Picard seek a
total of more than $50 billion, including a $19.6 billion claim
against Austrian banker Sonja Kohn.
Hundreds of complaints were filed in U.S. Bankruptcy Court
in New York in the weeks before the statute of limitations
expired on the two-year anniversary of Madoff's Dec. 11, 2008,
arrest and collapse of his firm.
About $2.6 billion has been recovered, mostly through
settlements with funds and individuals. The money will go to
victims of the fraud.
The following are some of the notable cases:
* Picard sued Austrian banker Sonja Kohn and the bank she
founded, Bank Medici, as well as Italy's UniCredit CRID.MI
and its unit, Bank Austria, and 53 other defendants seeking
$19.6 billion. The trustee accused Kohn of having a central
role in Madoff's crimes by operating a labyrinth of feeder
funds and banks in Austria, Italy and Gibraltar.
* Picard seeks $9 billion in recovery and damages from HSBC
(HSBA.L) and its related feeder funds in Europe, South America
and the Caribbean. [ID:nN05176110]
* Sued Madoff friend and associate Jeffry Picower for $7.2
billion. Picower, said to be the main beneficiary of the fraud,
later died of a heart attack in his Florida swimming pool at
the age of 67. The case has yet to be resolved.
* Madoff's primary banker for 20 years, JPMorgan Chase
(JPM.N), was sued for $6.5 billion over accusations it
"enabled" the fraud. [ID:nN02243347]
* Fairfield Greenwich Group hedge fund firm and individuals
liable for more than $3.6 billion, trustee says.
* Picard sues Swiss bank UBS AG UBSN.VX and some of its
associates, saying they collaborated in the scheme and are
liable for $2.5 billion. [ID:nSGE6B7032]
* Seven banks were sued for $1 billion -- Citigroup Inc's
Citibank (C.N), Natixis (CNAT.PA), Fortis Prime Fund Solutions
Bank (Ireland) Ltd, ABN AMRO Bank N.V., Banco Bilbao Vizcaya
Argentaria [BBVA.MC], Nomura (8604.T) and Merrill Lynch, owned
by Bank of America (BAC.N) since Jan. 1, 2009. [ID:nN09227798]
* Harley International Ltd, a Cayman Islands-based fund,
was ordered by a U.S. judge to pay $1.07 billion after it
failed to defend itself against the trustee's lawsuit.
* Hollywood money manager Stanley Chais, sued by Picard for
$1.1 billion, died at age 84 in September before case was
* In separate lawsuits, Picard sued Madoff's wife, Ruth
Madoff, his brother Peter, sons Andrew and Mark and niece Shana
for a total of $244 million. [ID:nN06272980] The elder son,
Mark, 46, was found hanged in an apparent suicide on the second
anniversary of Madoff's arrest [ID: nN11141319]
* Dozens of relatives of Madoff family members and former
employees of the firm are also being sued by Picard's team of
lawyers at Baker & Hostetler law firm. [ID:nN12166014]
* Carl Shapiro -- the 97-year-old clothing entrepreneur and
friend of Madoff who invested hundreds of millions of dollars
with Madoff since 1961 and withdrew even more -- agreed to
forfeit $625 million. [ID:nN07292782]
* Legacy Capital, BNP Paribas (BNPP.PA) and Khronos Capital
Research sued by Picard. British Virgin Islands-based
investment firm Legacy, whose accounts were taken over by
French bank BNP in 2004, received at least $255.8 million from
Madoff's firm, according to Picard. [ID:nSGE6B609V]
* Trustee seeks $205 million from feeder fund Cohmad
Securities Corp run by Madoff friend Maurice Cohn.
* Demands unspecified recovery and damages from Tremont
Group Holdings, a multibillion-dollar money-management company,
owned by Oppenheimer Acquisition Corp. [ID:nSGE6B7032]
* Lawsuit against Sandra Manzke and her family members,
Maxam Capital Management LLC and related funds seeks $100
* Madoff Securities International Ltd, Madoff's London
branch, and its directors sued for $80 million in joint lawsuit
by Picard and British firm's liquidator in High Court of
Justice Commercial Court.
* Fred Wilpon -- owner of the New York Mets Major League
Baseball team, of which Madoff was a lifelong fan -- was sued
along with his firm Sterling Equities and other defendants.
* Picard sues Blue Star Investors LLC, an affiliate of
private equity executive Thomas H. Lee. Says defendants
received $51.75 million from Madoff's firm, of which $19.67
million represented "fictitious profits." [ID:nN30292629]
(Reporting by Grant McCool in New York, Laurence Fletcher in
London and Martin de Sa'Pinto in Zurich)