Herald Fund Lost $1 Billion, Wants Madoff Suit Dismissed

Summary

---

NEW YORK (Reuters) - Herald Fund of the Cayman Islands, which lost almost $1 billion to epic swindler Bernard Madoff, has asked a New York court to dismiss a "clawback" claim by the trustee hunting worldwide for Madoff-related assets, according to court documents.

Two weeks after Mr. Madoff was sentenced to 150 years imprisonment after he admitted to running a decades-long multibillion dollar investment fraud, the trustee sued Herald Fund, HSBC Securities Services SA in Luxembourg, which was custodian of Herald Fund assets, and HSBC Bank Plc.

See the full content of this document

Extract

---

Herald Fund Lost $1 Billion, Wants Madoff Suit Dismissed

Trustee Irving Picard and his team of lawyers have filed numerous claims amounting to about $15 billion to try and recover money f...

See the full content of this document

---