Bloomberg News

Madoff Trustee Sues Somers Dublin Seeking $86.4 Million

October 27, 2011

(Updates with excerpts from court papers in second paragraph.)

Oct. 27 (Bloomberg) -- The trustee liquidating Bernard Madoff’s defunct firm sued Somers Dublin Ltd., an Irish affiliate of HSBC Holdings Plc, seeking $86.4 million.

Trustee Irving Picard said he aims to recover “customer property” from companies that invested with Fairfield Sentry Ltd., a so-called feeder fund that placed money in Madoff’s Ponzi scheme. Picard demanded the return of any funds received from investments with Fairfield, according to the lawsuit filed today in U.S. Bankruptcy Court in Manhattan.

HSBC Securities Services (Ireland) Ltd. owns Somers Dublin, which has offices in Dublin, according to the complaint. HSBC Holdings, based in London, is Europe’s biggest bank. Somers Nominees (Far East) Ltd., a Bermudan company, was also named in the lawsuit.

Somers Dublin officials couldn’t immediately be reached for comment on the lawsuit after business hours in Ireland.

Fairfield is in liquidation in the British Virgin Islands.

The case is Picard v. Somers Dublin Ltd., 11-02784, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

--Editors: Stephen Farr, Mary Romano

To contact the reporter on this story: Dawn McCarty in Wilmington at dmccarty@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net


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