The fund, believed to be the biggest single loser in Bernard Madoff’s alleged $50bn “Ponzi” scheme is considering suing PwC, its own accountants, for failing to detect the fraud, as victims start looking for deep-pocketed sources of compensation for their losses.
Fairfield Greenwich, whose clients stand to lose $7.5bn invested with Bernard L Madoff Investment Securities, is considering the action after an auditor was named in a case brought by another victim. [Read More]
From Bloomberg: Madoff’s Indirect Investors May Recover Some Money, Lawyer Says
“Since these third parties didn’t do the appropriate due diligence before turning their clients’ money over to Madoff’s firm, they are liable,” according to Zamansky, who said he has been retained by about 12 clients who invested directly or indirectly with Madoff. [Read more]
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