Bernard Madoff has agreed to give up the rights to his disgraced investment business and his company's prized artwork and entertainment tickets.

AN Irish investment firm is seeking the return of €31.6 million given to a company which was to be passed on for investment with international securities fraudster Bernard Madoff, the Commercial Court heard yesterday.

A US financial watchdog chief said his agency repeatedly failed for at least a decade to pursue allegations of wrongdoing by Wall Street figure Bernard Madoff, the alleged perpetrator of a $50bn (€35.63bn) pyramid scheme.