Bloomberg News

Defendants in $975 Million Madoff Trustee Suit Seek New Judge

October 11, 2011

Oct. 11 (Bloomberg) -- FIM Ltd. and directors Carlo Grosso and Federico Ceretti, defendants in a $975 million lawsuit brought by the liquidator of Bernard Madoff’s firm against Kingate Global Fund Ltd., asked a U.S. district judge to decide whether trustee Irving Picard has a right to bring common-law claims against them in light of a ruling in the HSBC Holdings Plc case that threw out about $9 billion of Picard’s claims.

Grosso and Ceretti, Italian citizens living in London, and FIM, incorporated in the U.K., said a district judge should also decide whether Picard can sue them using U.S. law, according to a court filing today.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: Stephen Farr at sfarr@bloomberg.net


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