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Citigroup Asks Judge to Review $430 Million Madoff Clawback Suit

Nov. 2 (Bloomberg) -- Citigroup Inc., 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.

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To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: Andrew Dunn at adunn8@bloomberg.net

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