IRA Holders Sue Conn. Bank Over $60M Madoff Loss

Law360, New York (July 9, 2009, 12:00 AM EDT) -- The members of a putative class of Connecticut individual retirement account holders and employee retirement plans are claiming they lost $60 million to Bernard L. Madoff's massive Ponzi scheme, and that Westport National Bank, the custodian of their accounts, should be held responsible.

In a complaint filed Wednesday in Connecticut Superior Court, Stamford/Norwalk Judicial District, the IRA and employee retirement plan plaintiffs also claimed that Westport National Bank charged account management fees even though funds were simply parked with Madoff and no actual account oversight or...
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