No Relief For Madoff Feeder Fund Service Providers

Jun 30 2014 | 6:31am ET

Two service providers to giant Bernard Madoff feeder fund Fairfield Greenwich Group have failed to stop an $80 million settlement with investors.

A federal appeals court in Manhattan ruled Friday that PricewaterhouseCoopers and Citco Fund Services lacked standing to challenge the 2012 deal. The companies had argued that settlement unfairly allowed plaintiffs who participated in it to go after them in other venues, and asked the court to rule that they “were entitled to argue that any entity that participated in the New York settlement could not pursue claims in any other jurisdiction,” notably, the Netherlands, where Fairfield Greenwich investors have sued the two.

But U.S. Circuit Judge Barrington Parker rejected that claim, ruling that “nothing in the final order precludes the non-settling defendants from asserting in the District Court or in other litigation any claims or defenses that may be available to them.”


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...