Cayman fund sued in Ireland over Madoff connection

| 03/08/2009

(Sunday business): A subsidiary of the Fortis banking group is using the Irish courts to pursue an offshore hedge fund over its involvement with Bernard Madoff, the convicted American fraudster. The Dublin-registered subsidiary of Fortis is suing Harley International, a Cayman Islands-based hedge fund which invested client money with Madoff for more than a decade. Madoff is serving a 150year prison sentence after his $65 billion ‘Ponzi scheme’ fraud was uncovered. Fortis Prime Fund Solutions Bank (Ireland) is based at Spencer Dock in Dublin, and is used to administrate hundreds of millions of euro through loans and investments within the Fortis Group.

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