Class Action Over Fairfield Madoff Losses Survives

Law360, New York (August 19, 2010, 1:34 PM EDT) -- A federal judge has refused to dismiss the bulk of a proposed securities class action alleging Fairfield Greenwich Group, which channeled $7 billion into Bernie L. Madoff's massive Ponzi scheme, turned a blind eye to signs of the fraud.

Judge Victor Marrero of the U.S. District Court for the Southern District of New York issued a 198-page ruling Wednesday narrowing the claims but keeping intact at least some claims against almost all the defendants.

He kept federal securities law and state law claims against the Fairfield...
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