Trustee sues money manager in Madoff case

May 12, 2009 22:18

The trustee overseeing the liquidation of disgraced financier Bernard Madoff's assets has sued another investment fund. The lawsuit filed Tuesday in bankruptcy court in Manhattan accused the Harley International Ltd. fund of withdrawing $425 million from Madoff's firm during the three months before his arrest last year. It claims the fund based on the Isle of Man knew or should have known the money came from other investors victimized by Madoff's massive Ponzi scheme. Efforts to reach a representative of the fund weren't immediately successful. The trustee has filed similar complaints against other big money managers in recent weeks in a bid to return funds to clients of Madoff who has admitted running a multibillion-dollar scam.

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