Hedge Fund Hit With Suit Over Madoff Investments

Law360, New York (July 20, 2009, 4:50 PM EDT) -- A proposed class action has been filed against a Cayman Islands-based hedge fund alleging that the fund and its managers and advisers breached their fiduciary duties to investors by failing to recognize clear signs that Bernard L. Madoff was operating a Ponzi scheme.

The lawsuit, filed Friday in the U.S. District Court for the Southern District of New York by the Tradex Global Master Fund SPC Ltd., claims that the Santa Clara I Fund improperly invested all of the funds assets with Bernard L. Madoff Securities...
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