Article Archives >> Lead Stories >> September 16-30, 2009
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Foundation May Sue
Madoff Brother
Misrepresentation claims dismissed,
but failure to disclose claims may proceed
The federal District Court in New Jersey has permitted a private foundation and several individual investors to sue Bernard Madoff’s brother Peter for securities fraud in connection with Madoff’s $50 billion Ponzi scheme.
The Court dismissed claims for affirmative misrepresentation against Peter Madoff, senior managing director, compliance officer and general counsel of Bernard L. Madoff Investment Securities, but permitted the plaintiffs to proceed on claims of material omissions in breach of his fiduciary duty to them. It also allowed several state law claims to proceed as part of the case. (Lautenberg Foundation v. Madoff, D. NJ, No. 09-816, 9/9/09.)
Article Archives >> Lead Stories >> September 16-30, 2009
