Irving Picard, a trustee acting for investors defrauded by Bernard Madoff, has reportedly brought around $350 million in legal claims against EFG Bank, a subsidiary of Swiss bank EFG International.

The Swiss bank said in a statement today that it had been “advised by various media organisations” of potential legal action against it, but did not elaborate.

“EFG Bank has not yet been served with any such claims and it is EFG International's policy not to comment on litigation,” according to the statement.

At the end of May, it was reported that investors hit by the Ponzi fraudster, now serving a 150-year jail term after admitting the massive fraud, could obtain almost $77 million if newly-filed claw-back litigation succeeds.

Madoff's multi-billion fraud, exposed amid the financial crisis that blew up almost four years ago, highlighted the need for tight due diligence on investments. Among his victims were wealth management firms and their clients. Since Madoff's conviction and jail sentence, the affair has spawned a variety of lawsuits from people and institutions trying to claw back money.

Yesterday, meanwhile, EFG International, which has been restructuring its business in recent months to regain profitability, issued a blunt message rebutting media reports that it had a significant exposure to the debt woes of Greece.