Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, July 21, 2010

Madoff Trustee Sues Fairfield Greenwich Affiliates

The court-appointed Trustee for Bernard Madoff, charged with the responsibility of recovering assets for his creditors, sued more than two dozen affiliates of Fairfield Greenwich Group and its founding partners, alleging that they had "actual and constructive knowledge" of the fraud and "generally looked the other way."  The Trustee seeks more than $3.6 billion in damages.  Fairfield denied the allegations, said it was negotiating in good faith with the Trustee, and found the complaint "incomprehensible."  WSJ, Madoff Trustee Sues 25 Fairfield Greenwich Affiliates

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