Trustee wants $150 million back from Madoff client

April 9, 2009 1:02:14 PM PDT
The trustee overseeing the liquidation of Bernard Madoff's business has sued to retrieve $150 million paid out to one of the fallen financier's clients last fall. 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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