Victims of fraud Madoff intend to sue the banks for 1 billion dollars

Lawyer Irving Picard, representing the investors affected by the financial pyramid Bernard Madoff, intends to sue banks for 1 billion dollars. According to him, seven credit institutions, notably Citibank, the investment bank Natixis, and Fortis, ABN Amro, Banco Bilbao Vizcaya Argentaria, Merrill Lynch and Nomura, received transfer payments within the framework of the financial pyramid Madoff. In this case, according to counsel, the company knew or should have known of the illegal activity by the entrepreneur, reports Associated Press. A few days earlier, the private Swiss bank Union Bancaire Privee (UBP) has agreed to reimburse defrauded investors who have suffered as a result of machinations Madoff, $ 500 million. The corresponding agreement was also reached between the bank and Picardy. It is worth noting that the filing of all possible claims for damages as a result of the swindler and his funds have suffered, there is very little time. Already 11 December 2010 deadline comes a claim for compensation. In November, Pickard filed over 100 claims for compensation for the lost funds. The most sensational was a statement against UBS, HSBC, JPMorgan Chase: credit institutions charged with the connivance of the machinations Madoff. From the Swiss UBS Picard demanded a compensation of about $ 2 billion from the U.S. JPMorgan Chase - 6,4 billion from the British HSBC - 9 billion in December 2008 in the United States was exposed largest in the history of the financial pyramid, which he founded and headed Bernard Madoff - former chairman of the board of directors of NASDAQ and the founder of investment firm Bernard L. Madoff Investment Securities LLC. Pyramid Madoff functioned for at least 20 years, and investors from fraud losses are estimated at 65 billion dollars. During the trial, Madoff has pleaded guilty and confessed to the affected investors. He was sentenced to 150 years in prison and is serving his sentence in federal prison in North Carolina. Even if you become a legendary gambler would be about behaving in prison, his hypothetical parole possible only in 2139. Source: banki.ru