Bank to pay $500m over Cayman Madoff investment

| 07/12/2010

(ABC): A private Swiss bank will pay up to $500 million to investors defrauded by Bernie Madoff. The trustee working to recover money for the notorious Ponzi schemer’s victims says he reached an agreement with Geneva-based bank Union Bancaire Privee and M-Invest Ltd., a unit the bank set up in the Cayman Islands to invest with Bernard L. Madoff Investment SecuritiesLLC. Trustee Irving H. Picard says the settlement could reach $500 million. It is the first major international settlement reached in his pursuits of the billions Madoff stole from investors.

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