The trustee appointed to liquidate Bernard L. Madoff Investment Securities LLC sued Kingate Management Ltd. for the return of $255 million transferred to the firm’s funds in the months before Madoff’s collapse.
Irving Picard, appointed under the Securities Investor Protection Act, filed a complaint April 17 in U.S. Bankruptcy Court in New York stating that transfers of $100 million to Kingate Global Fund Ltd. and $155 million to Kingate Euro Fund Ltd. from Madoff firm accounts in October and November were improper.
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