European banks indemnify Madoff victims

About 20 banks have agreed to indemnify investors who were concerned by Bernard Madoff’s swindle. Swiss Financial institutes don’t take part in the payment because of the bank secret.

In the litigation concerning indemnities in the Bernard Madoff case, about 20 banks have agreed to indemnify investors outside United States. 720.000 investors, who were swindled by an enormous Ponzi scheme, would get 15,5 billion dollars. Institutes from France, Germany, Portugal, Spain and the UK would participate. American victims are less successful in getting reimbursements. This is partly caused by the fact that many of them have invested directly at Madoff and not through an institute. Bernard Madoff was unmasked in December 2008. The former boss of the Nasdaq was last year sentenced to 150 years in prison for running a $65bn Ponzi scheme.