Thybo Asset Management Inks $46.6 Million Deal To Resolve Madoff Suit

Thybo Asset Management Ltd has agreed to pay $46.6 million to resolve a Madoff-related clawback claim instituted by bankruptcy trustee Irving Picard. Picard originally sued Thybo and three related funds on July 15, 2009, claiming it knew, or should have known, that Madoff’s business was based on fraud. Thybo agreed to pay $46.6 million According to a statement from the office of Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLIMS), a motion was filed on October 23, 2015 in the United States Bankruptcy Court for the Southern District…