Wednesday, 20 August 2014
Last updated 11 hours ago
Apr 3 2014 | 10:32am ET
A New York State judge has thrown out a lawsuit against a Bernard Madoff feeder fund filed by an investor.
New York Supreme Court Justice Richard Lowe ruled that Jay Wexler’s claims were covered by a class-action lawsuit that Tremont has already settled. “Wexler’s derivative claims were represented in the federal action by other limited partners” of the fund, in which Wexler lost more than $400,000.
In addition, Wexler “fails to explain how one or more alleged red flags made it so obvious that Madoff was running a Ponzi scheme that defendants must have known about the scheme and wanted to further it.”
Tremont’s funds were among the largest of Madoff’s investors, with some $3 billion lost in the fraud.
Lowe also tossed Wexler’s claims against Tremont’s parent companies and two former executives. He said he would rule later on the investor’s lawsuits against Madoff’s service providers, JPMorgan Chase, KPMG, Bank of New York Mellon and accountant Paul Konigsberg.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note