Wednesday, 17 September 2014
Last updated 1 hour ago
Aug 19 2010 | 2:52pm ET
A federal judge let stand an investor lawsuit against Fairfield Green Group, but dismissed some of the claims against the Bernard Madoff feeder hedge fund.
U.S. District Judge Victor Marrero in New York allowed most of the claims to stand against Fairfield. “According to plaintiffs, FGG fulfilled a critical role for Madoff, who knew that secrecy and obfuscation were key to prolonging how long he could keep his big lie afloat and his sand castles grounded,” Marrero wrote.
The lawsuit, which seeks class-action status, also named administrators Citco Group and GlobeOp Financial Services and accountant PricewaterhouseCoopers.
Despite the failure of most of his dismissal motion, FGG lawyer Mark Cunha said he was “pleased” that the judge dismissed some of the lawsuit. He noted that the judge was forced to assume the investors’ claims were true, which FGG said they are not.
Last month, court-appointed trustee Irving Picard sued 19 people and 34 FGG affiliates, including the firm’s three founders, seeking more than $3.6 billion. FGG investors lost some $7.5 billion in the Madoff fraud.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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