Brazil's Itau ordered to pay damages in Madoff case, Folha says

Brazilian bank Itau Unibanco Holding SA was ordered by a Sao Paulo state court to pay R$167,700 (US$103,800) to an unidentified person who lost money in Bernard Madoff's Ponzi scheme, Folha de S.Paulo reported.

A representative of Itau's BankBoston unit advised the person to put money in the Fairfield Sentry Fund, which invested with Madoff, Folha said, citing the person's lawyer, Paulo Iasz de Morais. Morais probably will appeal for higher damages, the Sao Paulo-based newspaper said.

Itau declined to comment, Folha said. Paulo Marinho, a spokesman for Itau, declined to comment when contacted by Bloomberg News by telephone today.

(Published by Bloomberg - May 7, 2011)

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