Securities Law
15 Madoff Investors in Mass. to Share $8M Fairfield Settlement
Fairfield Greenwich Group has agreed to pay $8 million to settle a lawsuit brought by the Massachusetts Secretary of State over serving as a feeder fund to Bernard Madoff’s massive Ponzi scheme.
Under today’s settlement, all 15 of the identified investors in Massachusetts who put money into Madoff’s $65 billion fraud via Fairfield will get “all their money back, plus interest,” Secretary of State William Galvin tells the Wall Street Journal.
Fairfield did not admit any liability. In a civil complaint filed in April, the state alleged that Fairfield didn’t exercise due diligence in putting investors’ money with Madoff.
