Madoff Trustee Seeks $1 Billion Harley Default Award

The trustee liquidating Bernard Madoff’s investment-advisory business asked a judge for a default ruling against Harley International Ltd., arguing that the hedge fund failed to respond to a lawsuit accusing it of taking $1.07 billion in fake profit from Madoff’s firm.

If trustee Irving Picard’s July 2 request is granted, the hedge fund, run by Cayman Island-based Euro-Dutch Management Ltd., would be ordered to return money it allegedly withdrew during the six-year period before New York-based Bernard L. Madoff Investment Securities LLC collapsed in a $65 billion fraud. Harley is being liquidated in a Cayman Islands court.