MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, December 15, 2010 Will Madoff Trustee Lawsuit Have an Impact on Pioneer's Sale? 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. Printed from: MFWire.com/story.asp?s=35413 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |