NEW YORK (AP) - April 9, 2009 Irving Picard filed a lawsuit in U.S. Bankruptcy Court in
Manhattan on Thursday to get the money back from Banque Jacob Safra
(Gibraltar) Limited. It was the first major attempt to retrieve
money paid out recently to a /*Madoff*/ investor.
The lawsuit said Safra had since 2002 invested a total of $327
million with Madoff's investment business. The money was invested
on behalf of an international company.
Picard said Madoff's business wired $150 million to Safra on
Oct. 31, letting it receive more than it would have received under
bankruptcy rules.
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