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

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...