French bank foresees possible euro450 million loss

PARIS — French investment bank Natixis said Monday it may be an indirect victim of Wall Street money manager Bernard Madoff with exposure of up to euro450 million ($600.3 million).

A statement by Natixis said it made no direct investments in hedge funds managed by Madoff. However, it says that some of its clients' money was invested in funds that were managed by a third party, which in turn gave them to Madoff's investment securities company for handling.

Madoff was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors.

Natixis, France's fourth largest bank, set its maximum indirect exposure at about euro450 million, adding that the "impact of this exposure will depend both on the degree to which assets can be recovered and the outcome of the bank's efforts to recover the assets."

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