Cayman based fund ordered to pay creditors $1B

| 11/11/2010

(Bloomberg): Harley International (Cayman) Ltd., an insolvent Cayman Islands-based fund that allegedly funnelled money to Bernard Madoff, was ordered to pay $1.07 billion to creditors of the convicted con man. Irving Picard, the trustee overseeing the liquidation of Madoff’s former firm, Bernard L. Madoff Investment Securities LLC, sued Harley in May 2009, seeking to recover phony profits paid to Harley in the six years before the Madoff bankruptcy was filed. U.S. Bankruptcy Judge Bernard Lifland in New York today entered a judgment against Harley, which is being liquidated in the Cayman Islands, after ruling the fund had failed to contest the suit within the deadline for doing so.

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