RBS joins market for Madoff claims
Originally posted by 5corpio
Royal Bank of Scotland is said to be among a number of banks buying up the claims of the victims of Bernard Madoff's $65bn fraud in an effort to profit from a bigger eventual settlement in the future.

The bank – still majority owned by the UK taxpayer – has joined UBS, Goldman Sachs and Deutsche Bank in making bids for claims, according to US reports.

The secondary market for claims has been encouraged by signs that Irving Picard, the trustee appointed by a New York court to win back money for victims, may end up recovering billions of dollars.

Mr Picard has launched a slew of lawsuits against banks, including UBS, for allegedly ignoring signs of Mr Madoff's fraud. The banks have denied the allegations.

Some of those selling their claims are in need of cash now and can't wait for an eventual settlement. They are reportedly receiving up to 75pc of the value of their claims.

RBS declined to comment............Read HERE