Bankruptcy

Barclays and Kuwait seek halt to $85m Madoff recovery lawsuits

By Allison P. Spencer
By Rick Archer (February 28, 2022, 7:02 PM EST) – Barclays Bank and a Kuwaiti government investment fund have asked a New York bankruptcy judge to halt attempts by the former company’s trustee to convicted fraudster Bernie Madoff’s investment to recover $85 million in overseas transfers from one of Madoff’s feeder funds.

In separate petitions filed on Friday, Barclays and the Kuwaiti Public Institution of Social Security argued both that Madoff’s administrator failed to link them to the Madoff money transferred to the feeder fund and that the transfers to the feeder funds were protected by safe harbor laws. .

The motions said that Barclays and the Kuwaiti…

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Allison P. Spencer
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