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| Lovells to look for Madoff's UK assets |
| Press Trust of India / London Feb 04, 2009, 17:56 IST |
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British law firm Lovells has been hired to look for the assets of Wall Street financier Bernard Madoff in the country, whose alleged $50 billion fraud is estimated to affect three million people worldwide.
"The trustee in charge of liquidating the brokerage operations of Bernard Madoff, the New York financier behind an alleged $50 billion scam, has hired Lovells, the British law firm, to hunt for his assets in the UK," The Times has reported.
According to the daily, in court papers filed in New York on Monday night, Irving Picard, who was appointed trustee of the Madoff business in December, said he wanted Lovells to help resolve "jurisdictional issues" that had arisen in London and Europe.
The Times, in a report published online, pointed out that appointment came as "Spanish lawyers estimated that three million people worldwide could be affected by Madoff's alleged Ponzi scheme".
The estimate is mainly based on information received from 30 law firms globally, representing victims of Madoff's scam.
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