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Investors who lost money in a Ponzi scheme run by a man dubbed the German "mini Madoff" are launching a joint suit against Barclays for selling his products to them, their lawyers said on Friday.
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The lawyers said they were seeking a total of around €100m (£83.8m) in damages and had lodged more than 100 suits against Barclays with regional German courts over products issued by the bank linked to portfolios of convicted K1-scheme founder Helmut Kiener. Kiener, dubbed a German "mini Madoff" by the media in reference to the jailed US fraudster, was sentenced in July 2011 to more than 10 years in prison for a scam that prosecutors said cost investors €345m. The lawyers, who said they represent more than 1,000 claimants, have also moved to bundle the claims into a single law suit. Andreas Tilp, one of the lawyers from the Protectinvest Alliance (PIA) which represents the plaintiffs, said he was confident the Frankfurt court will initiate the case within six months. The Munich and Frankfurt regional courts confirmed that the PIA had filed claims against Barclays in December.....More here : Barclays in law suit over 'mini Madoff' fraud - Telegraph
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