Pictet & Cie is facing a $156 million
claim launched by Irving Picard, the US court appointed trustee for
investors defrauded in Bernard Madoff’s Ponzi scheme.

Picard claims that Pictet withdrew $156
million of client funds through so-called feeder fund,
Vizcaya.

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Pictet said the suit concerned direct and indirect investments
made in Madoff-related feeder funds by clients for whom Pictet
& Cie acted solely as custodian.

 

Pictet denies Madoff involvement

Such investments were made entirely on the initiative of
Pictet’s clients themselves or such clients’ external advisers, the
Swiss bank said in a statement.

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A Pictet spokesman said Pictet & Cie denied any wrongdoing,
rejected all the allegations in the suit and would strongly oppose
the legal action.

The spokesman said Pictet never at any time
selected or recommended any funds associated with Madoff and none
of Pictet’s products is or has been exposed to Madoff feeder
funds.