Vizcaya Hedge Fund Ordered to pay $180 Million to Picard in “Clawback” Lawsuit
Friday, August 6, 2010 : Permalink
New York (HedgeCo.net) – Hedge fund Vizcaya Partners Ltd., have been ordered to pay $180 million to Irving Picard, a trustee for Bernard Madoff’s investment-advisory business by Judge Burton Lifland in Manhattan Bankruptcy Court.
The judge said that the hedge fund failed to plead its case “or otherwise defend itself” against Picard’s allegations, according to a Bloomberg report.
The hedge fund allegedly withdrew its account less than four months before Madoff’s December 2008 arrest.
The judgment applies to the hedge fund’s affiliates as well, Zeus Partners Ltd., Siam Capital Management and the Asphalia Fund Ltd.
“Picard has already recovered more than $1.5 billion for Madoff victims. His is after another $15 billion from funds that funneled money to the fraud, as well as Madoff’s friends and family,” Bloomberg said.
Alex Akesson
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