Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Safra National Bank of New York Sued by Madoff Trustee

Safra National Bank of New York was sued for at least $111.7 million by Irving Picard, the trustee liquidating Bernard Madoff’s defunct investment firm.

Picard seeks to recover transfers made to Safra from so-called feeder funds that invested with Madoff, according to a complaint filed yesterday in U.S. Bankruptcy Court in Manhattan.

Safra “knew or should have known of numerous irregularities concerning investing” through Madoff given its background and its own investments with the convicted Ponzi-scheme operator, Picard said in the complaint.

Picard has filed hundreds of lawsuits to recover money for victims of Madoff’s fraud. Madoff pleaded guilty to masterminding the biggest Ponzi scheme in history and is serving a 150-year sentence in a federal prison in North Carolina.

The case is Picard v. Safra National Bank of New York, 11-01885, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.