E&Y, KPMG Escape Fund Investors' Madoff Claims

Law360, New York (March 31, 2010, 7:34 PM EDT) -- A judge has dismissed securities fraud and common law claims against auditors Ernst & Young LLP and KPMG LLP in a putative class action lawsuit brought by Tremont Partners Inc. hedge fund investors over losses in assets invested with convicted Ponzi schemer Bernard L. Madoff.

Judge Thomas P. Griesa issued a ruling granting the auditors' dismissal motions on Tuesday in the U.S. District Court for the Southern District of New York, finding that Ernst & Young and KPMG — which audited the hedge funds, rather than...
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