McGladrey & Pullen Settles Hedge Fund Ponzi Suit

Law360, New York (December 19, 2011, 3:09 PM ET) -- Auditing firm McGladrey & Pullen LLP reached a settlement on Monday with investors in a proposed class action targeting hedge funds that invested customer funds in Ponzi schemes run by Thomas J. Petters and Bernie Madoff.

According to a stipulation filed in San Francisco federal court, the proposed lead plaintiff in the case, Edgar W. Tuttle, lost his fight to lead a class against McGladrey & Pullen in an Oct. 28 ruling. After the ruling came down, Tuttle was left with only his individual claims against...
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