PwC, Citco Tell 2nd Circ. $80M Madoff Fund Deal Is Unfair

Law360, Los Angeles (June 3, 2013, 5:49 PM EDT) -- PricewaterhouseCoopers LLP and Citco Group units Friday urged the Second Circuit to reverse a New York federal judge’s approval of an $80 million class action settlement between management at a feeder fund and its investors who lost money in Bernard L. Madoff’s Ponzi scheme, saying the court abused its discretion.

The financial auditors' brief came more than two months after U.S. District Judge Victor Marrero approved the deal, settling claims that Fairfield Greenwich Group management and founders misrepresented the extent of FGG’s holdings in Bernard L....
To view the full article, register now.