Primeo Fund to Take Madoff Trustee Suit to District Court
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Primeo Fund, sued along with HSBC Holdings Plc by the trustee liquidating Bernard Madoff’s firm, will ask a district judge to remove the case from bankruptcy court.
Trustee Irving Picard sued HSBC and a dozen so-called feeder funds including Primeo for $9 billion in December, saying they should have known of the fraud. Primeo, based in the Cayman Islands, will follow HSBC, Europe’s biggest lender, in asking a higher court to review Picard’s claims against it, according to a court filing yesterday.