Bank Austria Lost Madoff Case

Professional ServicesBanks ♦ Published: January 13, 2012; 13:00 ♦ (Vindobona)

Bank Austria distributed Primeo Funds, issued by the U.S. former investment banker Bernard Madoff. The prospectus did not contain sufficient information, a Viennese court decided.

Bank Austria Lost Madoff Case / Picture: © Wikipedia / U.S. Department of Justice

Bank Austria has to suffer a legal defat. According to the Viennese Commercial Court, the prospectus of the sold “Primeo Funds” was incomplete. Essential information, which would have allowed an objective view on the structure of the investment fund was not published. As a result, Bank Austria is liable for the defects. Primeo Funds was issued by the condemned former U.S. investment…