Let's hear it for the National Bank of Kuwait

The National Bank of Kuwait has fully reimbursed all its clients who lost money in the alleged $50bn Ponzi scheme run by New York broker Bernard Madoff, banking sources said. NBK paid about $50m to some 20 individuals who invested in Madoff feeder funds through its Swiss bank in December, one NBK executive said. 

The clients received the principal they initially put into the funds and the gains, said by authorities to be fictitious, that they thought they had made. The NBK move puts pressure on other banks and fund managers whose clients lost money in Madoff’s alleged fraud.

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