Monday, 22 December 2014
Last updated 49 min ago
Feb 2 2009 | 1:57am ET
A Bernard Madoff feeder hedge fund shop has sued its auditors, alleging they failed realize that something was afoot at what authorities are calling a $50 billion Ponzi scheme.
Darien, Conn.-based Maxam Capital Management, which lost about $280 million invested with Bernard L. Madoff Investment Securities, has accused Goldstein Golub Kessler and McGladrey & Pullen of negligence. The lawsuit, filed Friday in Connecticut Superior Court, alleges that the auditors offered “unqualified” opinions for the Maxam Absolute Return Fund’s financial statements, saying they represented the fund’s true financial position.
“Maxam intends to purse its legal rights to ensure that proper restitution is made to its investors,” Jonathan Cogan, a lawyer for Maxam, said in a statement.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.