Madoff Trustee Sues Citigroup (C) for $452M

Citigroup Inc (C) saw several red flags in the dealings of Bernard Madoff’s firm years before his multibillion-dollar fraud was exposed in late 2008, the firm’s liquidator said in a newly unsealed lawsuit which seeks about $425 million from the New York-based bank. Irving Picard, a court-appointed trustee seeking to recover money for former Madoff clients, made the accusations in one of several complaints he has filed against big banks he says “enabled” the massive, decades-long Ponzi scheme by turning a blind eye to it. 

Citigroup shed 4.58%, or 22 cents, to $4.68 in recent action.

Reuters

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