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Rating:Will Madoff Trustee Lawsuit Have an Impact on Pioneer's Sale? Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, December 15, 2010

Will Madoff Trustee Lawsuit Have an Impact on Pioneer's Sale?

News summary by MFWire's editors

Last Friday, Irving Picard, the trustee liquidating Bernie Madoff's investment firm, launched a $19.6 billion lawsuit against Pioneer Global Asset Management SpA, its parent UniCredit and four others. Unicredit's plans to sell Pioneer "may hit a snag" in the wake of the filing of Picard's lawsuit, Bloomberg reported on Sunday.

Besides Pioneer and UniCredit, Picard is suing ex-UniCredit CEO Alessandro Profumo, Bank Austria, Bank Medici AG and Bank Medici's founder, Sonja Kohn. Picard wants $19.6 billion to compensate people who were victimized by Madoff's scheme, according to the report.

Bloomberg quoted a statement UniCredit issued on behalf of itself, Pioneer and Bank Austria saying they will fight the complaint.

Back in January 2009, UniCredit said clients had placed $1.1 billion in funds run by Madoff via Pioneer Alternative Investments.  

Edited by: Armie Margaret Lee


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