France's Orange Bank sued over 439 million euros lost in Madoff collapse [Reuters (UK)]
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Source: Reuters
France's Orange Bank sued over 439 million euros lost in Madoff collapse | Reuters 5 Min Read PARIS (Reuters) - A French woman and her daughter are bringing a law suit against Orange Bank to try to recover some of the 439 million euros ($516 million) they say they lost in the collapse of Bernard Madoff’s Ponzi scheme a decade ago. Laurence Apfelbaum and her daughter Emilie allege that Banque Finama advised them in 1999 to work directly with Madoff’s investment funds, where they had already placed money via Finama, when Finama was itself withdrawing assets from the scheme because of doubts about Madoff’s credibility. Finama, which was later renamed Groupama Banque, was acquired by French telecoms operator Orange ( ORAN.PA ) in 2016 and turned into Orange Bank, a mobile banking business. A civil court in Bobigny, north of Paris, will begin proceedings on the case on Oct. 2. Orange Bank will contest the claim. The case underscores how the ripples from Madoff’s $60 billion scheme, one of
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