Skip to content
Subscriber Only

SEC, Finra Sued in Luxembourg Over Madoff Fund Losses

Updated on

The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority were accused of being liable for losses in a Luxembourg fund tied to New York money manager Bernard Madoff.

The Luxembourg suit, which says the SEC and Finra failed to stop Madoff’s fraud after repeated warnings, seeks an order holding the U.S. regulators liable for losses in Access International Advisors LLC’s defunct LuxAlpha Sicav-American Selection Fund. Irving Picard was also sued for damages, in his role as the trustee tasked with liquidating Madoff’s business.