French & Brits fight over Madoff yacht

(Bloomberg): The ownership of Bernard Madoff’s $7 million yacht which is registered in the Cayman Islands and was seized in the south of France is causing controversy between the UK and France. Investment firm Financiere Meeschaert say it should be decided in the French courts but it is currently being handled in London. The yacht, called “Bull,” was seized by French authorities last year at Meeschaert’s request which had invested “large sums of money” in the “Ponzi scheme operated by Madoff.” The firm then brought a lawsuit in France seeking control of the yacht to return money to its clients, according to the lawyer.

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