The trustee charged with tracking down money to repay victims of Bernard Madoff’s alleged $50bn Ponzi scheme will target big investors such as hedge funds that pulled what he termed substantial amounts of false profits out of the broker’s operation...
Mr Picard and Mr Sheehan declined to say categorically they would exempt charities or small investors, but they made clear their focus would be on the big fish...
The big question involves investors who went through third-party feeder funds, such as Fairfield Sentry and Santander’s Optimal funds. Legal experts are divided on whether Mr Picard can reach through them to their individual investors.
ANd Luxembourg's financial regulator, want UBS to come up with the $1.4 billion that made it's way into Madoff:
The regulator ordered the bank to pay compensation, saying the “poor execution of its due-diligence obligations constitute a serious failure of its surveillance role as a depositary bank.”