BARCLAYS SHUNS MADOFF VICTIMS

Madoff is due to be sentenced by a US court tomorrow for running a $50 billion pyramid investment scheme that snared thousands, including Holly­wood star John Malkovich, a trust owned by Henry Kissinger’s family, Steven Spielberg and Liverpool City Council.

US prosecutors believe Madoff should get a 150 year sentence. On Friday, Madoff and his wife were ordered to repay $170 billion.

Law firm Edwin Coe is suing a number of banks for $70 million (£42.5 million) on behalf of British and European investors who lost their life savings because of their banks’ decision to put their money in Madoff’s $50 billion pyramid scheme. According to Edwin Coe partner David Greene, Barclays is the only European bank refusing to pay compensation to victims.

It is understood the British bank’s Barclays Wealth division denies bearing any responsibility for losses clients suffered due to Madoff.

Greene said: “Of all the banks we have contacted, the one outstanding is Barclays Wealth.” He added that last week two Swiss banks, Notz Stucki and Bank Hapoalim, offered to settle the Madoff lawsuits against them for an undisclosed sum. Other banks that have offered to settle litigation claims out of court include UBS and UBP.