Securities Law
Fairfield Hedge Fund Sued Over $7.5B Madoff Investment
Add another lawsuit to the growing list of litigation concerning the alleged $50 billion Ponzi scheme claimed to have been run by Bernard Madoff under the guise of a hedge fund.
A complaint filed Friday in state court in New York alleges breach of fiduciary duty, negligence and unjust enrichment on the part of Fairfield Greenwich Group and its founders, among other defendants, reports Bloomberg. It seeks class action status.
Attorney Christopher Lovell, of Lovell Stewart and Halebian in New York, says the action was filed in state court because that is expected to put it on a faster track than would apply to a federal case, the news agency explains. He expects to issue subpoenas and seek a document preservation order shortly.
