Dec. 23 (Bloomberg) -- Fairfield Greenwich Group, Walter Noel’s hedge-fund firm that had $7.5 billion invested with Bernard Madoff, was sued by investors for allegedly failing to protect their assets.
Noel’s Greenwich Sentry fund invested $220 million with Madoff and his Fairfield Sentry fund invested $7.3 billion solely in Madoff, jeopardizing investors’ interests while collecting “millions of dollars in fees,” according to a complaint filed Dec. 19 in New York State Supreme Court in Manhattan.
Fairfield Greenwich Group founding partners Noel, Andres Piedrahita and Jeffrey Tucker are accused of breach of fiduciary duty, negligence and unjust enrichment, as are Brian Francouer and Amit Vijayvergiya of FG Bermuda, a Noel affiliate. The complaint was filed as a class-action, or group, lawsuit on behalf of investors.
“FG defendants failed to perform even a minimum level of due diligence regarding the activities of Madoff,” according to the complaint.
http://www.bloomberg.com/apps/news?pid=20601087&sid=athXyvizTMBs&refer=home
Now all Madoff investors for the past six years may have to forfeit their gains:
The 53-year-old investor, who asked not to be identified to protect his stake, took out about $600,000 this year from his $1.5 million account, using some of it to pay down a mortgage. He and other Madoff clients who withdrew funds as long as six years ago may be sued on behalf of other victims to return profits and even principal, securities and bankruptcy lawyers say.
“Right now there are Madoff winners and Madoff losers,” said Lynn LoPucki, who teaches bankruptcy law at Harvard University. “Before this is over there will be nothing but Madoff losers.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=a3kFmYaaw5sY&refer=home
2 comments:
Good afternoon
We do not agree with this year BRIT awards 2010 decision.
Please go to see our little web poll
http://micropoll.com/t/KDqOnZBCWt
Lady Gaga can not be better than heavy metal
Poll supported by BRIT awards 2010 sponsor femmestyle
[url=http://www.femmestyle.ch/breastlift.html]bruststraffung[/url]
Pet Shop Boys surprise lucky BRITs fan with a MasterCard Priceless Gig in their living room
Syrian Foreign Ministry said Air Jordan 11 Gamma Blue in a statement on the 27th, the Russian government agreed under arrangements to start uggs outlet a dialogue christian louboutin with the Syrian opposition in Moscow, has been looking forward to continuing the dialogue to help resolve the crisis in Syria for nearly Cheap Louis Vuitton Handbags four years.The official Syrian news agency quoted Foreign cheap jordans Ministry statement said the government and the opposition that the ugg pas cher dialogue ugg soldes is discount nike jordans only "preliminary dialogue" aimed at laying the Christian Louboutin Daffodile groundwork for the convening of a "no interference by external forces," cheap nike jordan shoes Syrian dialogue sessions. Government welcomes any "Maintenance Syrian unity, Christian Louboutin Bois Dore independence ugg australia and territorial integrity and cheap christian louboutin sovereignty of the people" to carry dialogue.Russian Foreign Ministry spokesman Discount Louis Vuitton Lukashevich, said on the 25th, ready to Discount LV Handbags create opportunities for the Syrian ugg boots government and opposition representatives meet in Moscow early next year, the discount christian louboutin "informal" christian louboutin remise 50% talks.Syria, Iran, and ugg Russia officials frequently wholesale jordan shoes visits the recent release of the christian louboutin shoes signal display might be the part of the uggs on sale Syrian opposition Syrian negotiations under the Russian initiative to seek possible Bags Louis Vuitton through political means to Cheap LV Handbags resolve the crisis in Syria.
Post a Comment