Two investors seeking the immediate return of their money from a bank linked to US Ponzi swindler Bernard Madoff had their request turned down by a Dutch court yesterday.
A group of 67 investors are suing SNS Bank for €75m in investments and interest, arguing retail customers bought into products which by law they were forbidden from accessing. About €15m of the money was invested in Madoff funds, according to the group's lawyer. But today a Dutch court rejected the request from two retired investors for the return of their investments at current value while the main case is pending. The court said it was not certain SNS had acted irresponsibly or had misled would-be investors. In the main case, the group each have an average investment of betw...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
