Madoff yacht prompts dispute over rights

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The ownership of Bernard Madoff's $7 million yacht that was seized in the south of France should be decided by a French judge, investment firm Financiere Meeschaert told a London court.

The yacht, Bull, was seized by French authorities last year at Meeschaert's request, the firm's lawyer Vasanti Selvaratnam said at a hearing Wednesday in London. The firm, which invested "large sums of money on behalf of its clients in the Ponzi scheme operated by Mr. Madoff," brought a lawsuit in France seeking control of the yacht to return money to its clients, according to the lawyer.

Click here to read a report by Bloomberg.