Trustee sues Fairfield Greenwich funds for $3.54b

Boston Globe – The trustee liquidating Bernard Madoff’s defunct money-management firm sued three Fairfield Greenwich Group hedge funds, seeking the return of $3.54 billion withdrawn before Madoff’s massive fraud unraveled.

The trustee, Irving Picard, filed the so-called clawback lawsuit yesterday in federal court in Manhattan, seeking damages that would be used to repay victims of a $65 billion Ponzi scheme at Madoff’s New York-based money-management firm.

Starting in 1995, the Fairfield funds invested about $4.5 billion with Bernard L. Madoff Investment Securities LLC, or BLMIS, through 242 wire transfers, Picard said in the complaint. The funds are Fairfield Sentry Ltd., Greenwich Sentry LP, and Greenwich Sentry Partners LP.

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