Citigroup Asks Judge to Review $430 Million Madoff Clawback Suit

Citigroup Inc. (C), sued by the liquidator of Bernard Madoff’s firm for $430 million received from so-called feeder funds to the confidence man, asked a U.S. district judge to review the suit, saying the transfers were protected by law because they were made to settle securities transactions, according to a court filing.

Citing a ruling on the Madoff trustee’s suit against the New York Mets’ owners, Citigroup said that in addition, a district judge must decide whether the bank took the money in good faith or was wilfully blind to the fraud.

To contact the reporter on this story: Linda Sandler in New York at

To contact the editor responsible for this story: Andrew Dunn at

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.