UniCredit ducks charges in Madoff case

Italian bank UniCredit has succeeded in ducking the most serious claims against it, regarding its role in Bernard Madoff’s massive Ponzi scheme.

Claims filed by Irving Picard, the trustee seeking compensation for Madoff’s victims, were thrown out by U.S. District Court judge Jed Rakoff on Tuesday.

Rakoff said Picard had failed to prove a “direct relationship” between the actions of UniCredit and the other defendants and investor losses.

Read more about the ruling and how Picard lost the bid for $60 billion in damages

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.