The trustee seeking to recover funds on behalf of victims of $65 billion Ponzi scheme fraudster Bernard Madoff has sued a New York commercial banking unit of a Brazilian private bank, seeking nearly $111.7 million, media reports said.

The lawsuit, which was filed earlier this week by Irving Picard in a US Bankruptcy Court in Manhattan, looks to recover transfers allegedly made to Safra National Bank of New York by several Fairfield Greenwich Group funds. Safra is a unit of a Brazilian private bank for ultra high net worth individuals, reports said.

The Madoff scandal has led to a number of lawsuits by victims of the man’s huge fraud, and also prompted soul searching among the wealth management industry about whether more could and should have been done to spot Madoff’s crimes.

On Monday this week, Picard agreed to a settlement with the liquidators of the Fairfield Greenwich funds to resolve their claims and jointly pursue the fund owners. Fairfield Greenwich was the largest feeder-fund to Madoff's fraud.

Safra was not available to comment on the matter at the time this publication went to press.

Reports said that as part of the settlement, the Fairfield funds gave up claims to $1 billion lost by its investors and the two sides agreed to divide future recoveries from an alleged fraud from fund operators and others. The majority of the proceeds are to go to Picard's recovery on behalf of Madoff victims.