Madoff trustee wins $I80m judgment

| 05/08/2010

(Bloomberg): The trustee for Bernard Madoff’s’s investment-advisory business won a $180 million default judgment against Vizcaya Partners Ltd. over claims the hedge fund profited from the fraud. Vizcaya, based in the British Virgin Islands, failed to plead its case “or otherwise defend itself” against trustee Irving Picard’s allegations, according to a ruling by US bankruptcy judge Burton Lifland in Manhattan.  Vizcaya missed a deadline to respond to the lawsuit, which seeks to recover money the hedge fund withdrew from its Madoff account less than four months before the conman’s arrest. The default judgment applies to Vizcaya and affiliates Zeus Partners Ltd, Bermuda-based Siam Capital Management and the Cayman Islands-based Asphalia Fund Ltd.

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