Julius Baer Group Ltd. (BAER), the 121-year- old Swiss wealth manager, and Falcon Private Bank Ltd. were sued by the trustee liquidating Bernard Madoff’s former investment firm, who is seeking to recover $76 million in redemptions. Irving Picard filed two lawsuits yesterday in U.S. Bankruptcy Court in Manhattan for a return of funds that were transferred to the two Swiss banks by investors in Fairfield Sentry Ltd., a feeder fund for Madoff’s firm. The trustee seeks about $37 million from Julius Baer and about $39 million from Falcon, a Zurich-based private bank owned by the government of Abu Dhabi. Read Bloomberg report here.
