Investors who lost
money in a Ponzi scheme run by Helmut Kiener, convicted founder of the K1 hedge
fund in Germany ,
are suing Barclays Plc for selling his products to them, their lawyers
told Reuters.
The lawyers said they were seeking a total of around 100
million euros ($133.58 million) in damages and had lodged more than 100 suits
against Barclays with regional courts in Frankfurt and Munich over warrants
issued by the bank that were linked to Kiener portfolios.
Kiener, dubbed a German "mini Madoff" by the media
in reference to the jailed U.S. fraudster, was sentenced in July 2011 to more
than 10 years in prison for a scam that prosecutors said cost investors 345
million euros. The lawyers, who said they represent more than 1,000
claimants, have also moved to bundle the claims into a class action suit….
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