Citi: toss Madoff suit
Citigroup, sued by the trustee liquidating Bernard Madoff’s firm to recover $430 million pulled from the Ponzi scheme before it collapsed, is asking a bankruptcy judge to throw out the suit.
Irving Picard doesn’t allege and can’t claim the bank had “actual knowledge” of Madoff’s insolvency or that any money received was taken with a “fraudulent purpose,” Citi said in a court filing.
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