A family-run, Panama-based company with an office in Coral Gables, Fla., has sued a former bank subsidiary of American Express and a so-called feeder fund to Bernard Madoff’s investment group. The suit alleges the bank, the fund and others caused $10.6 million in losses by ignoring the warning signs of a Ponzi scheme.

“This is a case about the defendants failing to do what they were supposed to do. Had they done their jobs, millions of dollars would not have been lost,” said attorney Jorge Mestre, partner with Rivero Mestre & Castro in Miami. Mestre represents the plaintiff, Headway Investment Corp., which owned shares in Madoff-related funds worth around $10.6 million, according to the complaint, which was filed in Miami-Dade Circuit Court.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]