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Madoff trustee says Cayman and Bermuda funds ignored lawsuits

Caribbean Net News – The trustee liquidating Bernard Madoff’s business told a judge that two Cayman Islands and Bermuda hedge-fund firms accused of profiting from the fraud are ignoring his lawsuits seeking a total of $230.7 million in damages.

Trustee Irving Picard on Wednesday asked the US Bankruptcy Court in Manhattan to file default notices against the Cayman Islands-based Primeo Fund and Bermuda-based Alpha Prime Fund Ltd., court papers show. Two offshore firms sued earlier for a total of $1.2 billion also have ignored Picard’s lawsuits.

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